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Category: Pandemic

  • MIL-OSI: ASML reports €7.5 billion total net sales and €2.1 billion net income in Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    ASML reports €7.5 billion total net sales and €2.1 billion net income in Q3 2024
    ASML expects total net sales for 2024 of around €28 billion

    VELDHOVEN, the Netherlands, October 15, 2024 – Today, ASML Holding NV (ASML) has published its 2024 third-quarter results.

    • Q3 total net sales of €7.5 billion, gross margin of 50.8%, net income of €2.1 billion
    • Quarterly net bookings in Q3 of €2.6 billion2 of which €1.4 billion is EUV
    • ASML expects Q4 2024 total net sales between €8.8 billion and €9.2 billion, and a gross margin between 49% and 50%
    • ASML expects 2024 total net sales of around €28 billion
    • ASML expects 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53%
    (Figures in millions of euros unless otherwise indicated) Q2 2024   Q3 2024  
    Total net sales 6,243   7,467  
    …of which Installed Base Management sales1 1,482   1,541  
             
    New lithography systems sold (units) 89   106  
    Used lithography systems sold (units) 11   10  
             
    Net bookings2 5,567   2,633  
             
    Gross profit 3,212   3,793  
    Gross margin (%) 51.5   50.8  
             
    Net income 1,578   2,077  
    EPS (basic; in euros) 4.01   5.28  
             
    End-quarter cash and cash equivalents and short-term investments 5,019   4,985  

    (1) Installed Base Management sales equals our net service and field option sales
    (2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.

    Numbers have been rounded for readers’ convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on http://www.asml.com

    CEO statement and outlook
    “Our third-quarter total net sales came in at €7.5 billion, above our guidance, driven by more DUV and Installed Base Management1 sales. The gross margin came in at 50.8%, within guidance.

    “While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness. Regarding Logic, the competitive foundry dynamics have resulted in a slower ramp of new nodes at certain customers, leading to several fab push outs and resulting changes in litho demand timing, in particular EUV. In Memory, we see limited capacity additions, with the focus still on technology transitions supporting the HBM and DDR5 AI-related demand.

    “We expect fourth-quarter total net sales between €8.8 billion and €9.2 billion with a gross margin between 49% and 50% which includes the recognition of the first two High NA systems upon customer acceptance, reflecting progress on imaging, overlay and contrast. ASML expects R&D costs of around €1.1 billion and SG&A costs of around €300 million. We expect full-year 2024 total net sales of around €28 billion. Based on the recent market dynamics as mentioned above, we expect our 2025 total net sales to grow to a range between €30 billion and €35 billion, which is the lower half of the range that we provided at our 2022 Investor Day. We expect a gross margin between 51% and 53%, which is below the range we then provided, mainly related to the delayed timing of EUV demand,” said ASML President and Chief Executive Officer Christophe Fouquet.

       
    Update dividend and share buyback program
    An interim dividend of €1.52 per ordinary share will be made payable on November 7, 2024.

    In the third quarter, we did not purchase any shares under the current 2022-2025 share buyback program.

    Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML’s website (www.asml.com/investors).

    Media Relations contacts Investor Relations contacts
    Monique Mols +31 6 5284 4418 Skip Miller +1 480 235 0934
    Sarah de Crescenzo +1 925 899 8985 Marcel Kemp +31 40 268 6494
    Karen Lo +886 939788635 Peter Cheang +886 3 659 6771

    Quarterly video interview and investor call
    With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2024 third-quarter results and outlook for 2024 and 2025. This video and the transcript can be viewed on http://www.asml.com.

    An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on October 16, 2024 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.

    About ASML
    ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity’s toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 43,700 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at http://www.asml.com.

    US GAAP Financial Reporting
    ASML’s primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly Summary US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on http://www.asml.com.

    The consolidated balance sheets of ASML Holding N.V. as of September 29, 2024, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and nine months ended September 29, 2024 as presented in this press release are unaudited. 

    Regulated information
    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Forward Looking Statements
    This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected demand, bookings, backlog, expected recovery in the semiconductor industry and expected timing thereof including expected industry recovery continuing in 2025, plans to continue to build capacity, outlook and expected financial results, outlook of market segments, including expected results for Q4 2024, including net sales, IBM sales, gross margin, R&D costs, SG&A costs, outlook for full year 2024, including expected full year 2024 total net sales, gross margin and estimated annualized effective tax rate, expectations and modelling with respect to 2025 revenue and gross margin, statements made at our 2022 Investor Day, including revenue and gross margin opportunity for 2025 and 2030, statements with respect to execution of ESG sustainability strategy, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, including the amount of shares that may be repurchased thereunder and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans and other non-historical statements. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase programs, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2023 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.

    Attachments

    • Link to consolidated financial statements
    • Link to press release

    The MIL Network –

    January 23, 2025
  • MIL-OSI Economics: Michael Debabrata Patra: Assessing inflation targeting

    Source: Bank for International Settlements

    The Context

    Over the past three and a half decades since the formal adoption of inflation targeting (IT), it has proliferated across continents, regardless of the position of host jurisdictions in the developmental ladder. By the turn of this century, it has been increasingly embraced by emerging market economies (EMEs) so much so that they now outnumber advanced economies (AEs) as practitioners. A unique feature of IT is its operationalisation even before the development of a formal theory. The journey of IT has been tumultuous, navigating as it has the Great Moderation and ‘once in a century’ shocks such as the global financial crisis (GFC), the COVID-19 pandemic, and persisting geopolitical conflicts that have had a direct bearing on both inflation’s evolution and on financial conditions. Yet, there is no evidence of any major country abandoning it. On the other hand, central banks have drawn lessons from these humungous challenges and innovated and refined their policy frameworks. The endogenous evolution of IT has rendered it the longest surviving monetary policy framework in modern times.

    Three pillars of the framework – flexibility; transparency and, therefore, accountability; and credibility – have enabled IT to stand the test of time. Empirical evidence suggests that the post-pandemic price shocks have actually had relatively short-lived effects in comparison with the persistence of the price shocks of the 1970s on the wider acceptance that monetary policy will do whatever it takes. The effectiveness of inflation targeting is also found to be underpinned by its institutional quality, reinforcing pre-pandemic evidence pointing to IT being a better absorber of shocks than other regimes. The taming of the post-pandemic surge in inflation down to its last lap provides further validation of the framework. Everywhere, long-term inflation expectations remain broadly anchored in spite of heightened uncertainty.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI USA: IAM Visits Victory Lodge 1725 in Charlotte to Boost GOTV Efforts for 2024 Elections

    Source: US GOIAM Union

    The IAM National Legislative and Political team recently visited IAM Victory Lodge 1725 members in Charlotte, N.C. The trip focused on sharing critical information about the IAM’s Get Out the Vote (GOTV) program, a campaign designed to ensure that every IAM member understands the importance of their vote in shaping the future of our union and our country. IAM International President Brian Bryant recently stated the importance of mobilizing our members for this election.

    WATCH: IAM GOTV visit with IAM Victory Lodge 1725 members in Charlotte.

    North Carolina AFL-CIO President MaryBe McMillan and IAM National Legislative and Political Director Hasan Solomon led discussions on the stakes of the 2024 elections. They highlighted labor-friendly candidates, emphasizing the need to vote for those who support workers’ rights and are committed to protecting good-paying union jobs in North Carolina and across the nation.

    “I am making sure that we try to hit as many worksites as possible to talk about how elected officials impact their jobs and the importance of supporting candidates who support the IAM and our mission,” said IAM National and Legislative Political Director Hasan Solomon. “Worksite visits are a powerful tool in educating our members about their right to vote and informing them about who is on the ballot.” 

    IAM political volunteers are ramping up efforts nationwide, but union members in battleground states like North Carolina will play a huge role in electing leaders who support labor.

    “IAM Victory Lodge 1725 members know firsthand the value of their Union’s legislative and political efforts that helped that helped save tens of thousands of airline jobs through the Airline Payroll Support Program (PSP) during the COVID-19 pandemic,” said IAM Air Transport Territory General Vice President Richie Johnsen. “The IAM and allies like Vice President Kamala Harris were instrumental in making that happen. Our members will work hard to ensure labor-friendly candidates are elected to North Carolina.” 

    The IAM GOTV program is designed to help IAM members across the country understand the importance of electing pro-labor candidates with a strong track record of advocating for working families. 

    “As we look ahead to the 2024 elections, our members know that good jobs are on the ballot,” said IAM Victory Lodge 1725 President Chris Barrett. “With IAM’s GOTV program launching here in Charlotte, Victory Lodge 1725 members are ready to make their voices heard. I am especially proud of our Young Workers Committee for leading the engagement in the workplace.”

    Share and Follow:

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Europe: Villers-Cotterêts Declaration (7 Oct. 2024)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    1. We, the Heads of State and Government of countries which have a shared relationship with the French language, meeting on 4 and 5 October 2024 for the 19th Francophonie Summit in the French Republic;

    2. Welcome the opening of this Summit at the Cité Internationale de la Langue Française, where in 1539 the Ordinance of Villers-Cotterêts was signed, for the first time making French the official language of France;

    3. Reiterate our commitment to the French language, a language of teaching and communication, development, transmission and sharing, of creation and opportunities, a language of negotiation in international forums, for our populations, particularly young people, in accordance with the Declaration on the French Language in the Linguistic Diversity of Francophonie, adopted at the 18th Summit in Djerba;

    4. Aware of the multi-faceted crises affecting the Francophone space, including armed conflict, situations of occupation and settlement, as well as terrorist acts, support the International Organisation of la Francophonie in its role as a key forum for dialogue, which is essential to strengthen the shared values of humanity, i.e. peace, sustainable development, democracy, the rule of law and human rights, pursuant to the Charter of the Francophonie, the Bamako Declaration (2000) and the Saint-Boniface Declaration (2006) and in compliance with the principles of the Universal Declaration of Human Rights and the Charter of the United Nations, international law and the United Nations Security Council resolutions;

    5. Condemn violations of international law and international humanitarian law;

    6. Remain committed to addressing the challenges of climate change, working to protect the environment, and supporting the work of the OIF through the 2023-2030 Francophonie Strategic Framework in order to encourage Francophone synergies and consultations prior to multilateral events on these issues, and highlight that the Agreement under the United Nations Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement) must urgently enter into force and call for swift progress in negotiating the International Treaty against Plastic Pollution with a view to the UN Ocean Conference (UNOC 2025); remain committed to the challenge of climate finance and recall that no State or government should have to choose between fighting poverty and preserving the planet; and in that regard, welcome the organization by France of the Summit for a New Global Financing Pact in Paris in 2023;

    7. We therefore recall that climate financing is the cornerstone in the global effort to fight climate change and highlight, in that regard, the importance of the Loss and Damage Fund established at COP27 in Sharm-el-Sheikh, recognizing its role in addressing the negative impact of climate change; Welcome the support provided by the OIF through the training of climate negotiators, in achieving this objective;

    8. Recall our commitment to the role of civil society and non-governmental organizations, and support an active Conference of International Non-Governmental Organisations for the benefit of populations and Francophone institutions.

    9. Renew our commitment to promoting gender equality, in accordance with the Francophonie Strategy for the Promotion of Gender Equality, the Rights and the Empowerment of Women and Girls, adopted at the 17th Francophonie Summit in Yerevan;

    10. Believe that the future of our young people is a priority which requires us to continually work with them to foster peace and sustainable development in our societies, in line with the Francophonie values of solidarity, tolerance, justice and inclusiveness;

    11. Reiterate that the promotion of the diversity of languages and cultures, as well as the diversity of expression and creation of cultural and educational content within the framework of a pluralistic, knowledge-based society are Francophonie’s most precious assets;

    12. Urge all OIF countries as well as institutions and agencies of the Charter of the Francophonie to promote the spirit of solidarity and respect shown both at the 2023 Francophone Games in the Democratic Republic of the Congo and the Olympic and Paralympic Games in France in the summer of 2024, with a view to upcoming international sporting events, particularly the Francophone Games, to be hosted by Armenia in 2027;

    13. Building on the legacy of Francophonie institutions, including the 36th session of the Francophonie Ministerial Conference (FMC) in Monaco and the 18th Francophonie Summit in Djerba, having highlighted the importance of innovation in promoting science and the digital economy in order to reduce the digital divide, ensure high-quality education and better access to employment;

    Have decided to make the theme of the 19th Summit: “Create, innovate and do business in French”

    I. The French language, serving an education, training and employability continuum

    Considering that the French language remains the bedrock of our Organisation, while respecting linguistic diversity and promoting multilingualism;

    14. Reiterate our commitment to the teaching of French, and teaching in French, and welcome the key role of educators and school communities. Commit to working alongside the OIF to develop linguistic training and teaching, in order to significantly increase the number of trained educators to ensure high-quality education for all; to this end, encourage sharing of expertise and best practices among training institution networks, the implementation of shared programmes and mechanisms, including greater online resources for educators and educational officials in the Francophone space;

    15. Support the adaptation of academic, professional and technical Francophone training, including through work-based learning, apprenticeships and mentoring in French, in order to promote a spirit of creation, innovation and entrepreneurship for young people, in line with the necessary skills to make them employable and boost the economic development of OIF member countries;

    16. Highlight the importance of facilitating exchanges among young Francophones in training, volunteers, academics, researchers and entrepreneurs, particularly within the framework of cross-cutting mobility projects in the Francophone space; encourage, to that end, multi-stakeholder cooperation involving OIF member countries and Charter of the Francophonie institutions and agencies, with economic and civil society stakeholders;

    17. To better tackle pandemics, call for greater French-language training in the area of healthcare through digital tools and in this regard, welcome national and multilateral efforts, particularly within the World Health Organization (WHO) in Geneva, which this year will open its continuous training centre, the WHO Academy in Lyon, and the cooperation agreement signed between the OIF and WHO in 2021;

    18. Encourage Charter of the Francophonie institutions and agencies to strengthen their work for cultural diversity, in line with the Convention on the Protection and Promotion of the Diversity of Cultural Expressions, adopted by UNESCO in 2005, thus enabling greater visibility among the huge diversity of French-language productions;

    19. Recall that Francophone cultural and linguistic diversity is very important within the digital space, and encourage Francophonie to actively continue its contribution to global digital governance, in accordance with the 2022-2026 Strategy for Digital Francophonie, particularly the process linked to the World Summit on the Information Society (WSIS) in Geneva, the Global Digital Compact in New York and the 2025 Artificial Intelligence (AI) Action Summit in Paris.

    20. Recognize the urgent need to take action in the digital environment and urge Charter of the Francophonie institutions and agencies to implement solutions for accessibility, linguistic diversity and the discoverability of French-language cultural, educational and scientific content and French-language training of generative artificial intelligence; welcome the scale of digitized collections of Francophone documentation centres and new cooperation opportunities created by the Cité Internationale de la Langue Française in Villers-Cotterêts in these areas;

    21. Call for high-level dialogue and advocacy to continue in the area of culture, particularly with regard to protecting and promoting the diversity of cultural and linguistic expressions;

    22. Reiterate our commitment to the multilateral media outlet, TV5, and commit to promote and distribute it; in this regard, we will take every appropriate measure, using all distribution methods, to ensure our populations have the widest possible access to TV5’s channels and the TV5MondePlus digital platform, which showcase the cultural diversity of the Francophone space;

    23. Recalling UNESCO’s Recommendation on the Ethics of Artificial Intelligence, welcome the fact that advances in artificial intelligence can contribute to the fields of translation and interpreting, including within international bodies; and call for these technological developments to fully respect the essential role of French-speaking translators and interpreters;

    24. Highlight the determination of OIF member countries to maintain a reliable, free and safe information space, in accordance with the resolution on good governance adopted at the 44th Ministerial Conference of La Francophonie (CMF) in Yaoundé; declare our full support for the Information and Democracy Partnership and the need to promote media and information education; in this regard, we welcome the 1st High-Level Forum of members of the Network of French-speaking media regulatory authorities (REFRAM) and the major digital space platforms, the adoption of the Abidjan Declaration of 24 April 2024 aimed at strengthening dialogue between regulators and major online platforms in Africa and the Francophone space, as well as the signing of the voluntary commitment protocol, and in this regard, welcome the Villers-Cotterêts Call for an honest, trustworthy digital space in the Francophone world, launched at the opening of this 19th Francophonie Summit;

    II. Create, innovate and do business in the Francophone space

    Considering that success in Francophonie can only be achieved once the French language has been acquired;

    25. Highlight the essential role of compliance with the fundamental freedoms of creation, innovation and enterprise, in accordance with the Bamako Declaration;

    26. Together call on all Charter of the Francophonie institutions and agencies to encourage freedom of creation, in all the diversity of artistic expression, invite them to develop their work for cultural and creative industries, particularly through the development and improvement of vocational training in these sectors, which offer a wide range of employment opportunities;

    27. Recall that the future of artists and creators from all cultural sectors requires working in compliance with copyright and neighbouring rights, and we are committed to strengthening these legal and administrative mechanisms for the regular collection and payment of royalties, and to support the international distribution of works, including within the digital space;

    28. Welcome the work of the OIF for Francophone authors and express our commitment to the Francophonie literary awards, including the Prix des cinq continents, as well as the programmes to support broadcasting productions through the Images de la Francophonie and the Francophonie TV5Mondeplus Funds;

    29. Invite Charter of the Francophonie institutions and agencies in collaboration with civil society, to discuss the importance of Francophonie in sport, highlighting the social and economic opportunities it offers for young Francophones, as well as its positive impact on health and well-being;

    30. Welcome the meaningful results of the Francophonie economic and trade missions, as part of the Economic Strategy for La Francophonie 2020-2025, and reiterate our support for the involvement of women and young entrepreneurs in these missions; support partnerships with Francophone economic networks to back companies as they develop internationally;

    31. Encourage initiatives to promote Francophone entrepreneurship, particularly in sectors linked to climate change and sustainable tourism, and call for enhanced relations between companies and academic, vocational and technical training institutions, as well as Francophone standardization and intellectual property networks;

    32. Also encourage concerted Francophone efforts to facilitate access for OIF member countries and local authorities to climate and biodiversity finance, in support of innovation and entrepreneurship;

    33. Place special emphasis on actions to promote the empowerment of women and urge all OIF member countries to support the strengthening of the La Francophonie Avec Elles Fund, with regard to its importance for direct beneficiaries and positive impacts for local communities;

    34. Aware of the economic and cultural cooperation opportunities opened up by the French language, we are committed to promoting mobility via Francophonie programmes and movement within our space for nationals of our countries, entrepreneurs, artists and graduates who, for professional purposes, are required to travel regularly, in compliance with national visa legislation and regulations;

    35. Take note, in this regard, that the Parliamentary Assembly of the Francophonie (APF), in its declaration on citizen mobility in the Francophone space, recommends implementing measures to consolidate Francophonie as a more integrated space and to make better use of its social and economic potential;

    36. In the interests of all these commitments, encourage the institutions and agencies of the Charter of the Francophonie to continue diversifying their sources of finance, in addition to voluntary contributions from OIF member countries, in order to strengthen the implementation of their programmes, including through public-private partnerships and development banks.

    Source: Website of the Presidency of the Republic

    MIL OSI Europe News –

    January 23, 2025
  • MIL-OSI United Kingdom: Cabinet to consider future arrangements for Public Health 15 October 2024 Cabinet to consider future arrangements for Public Health on the Isle of Wight

    Source: Aisle of Wight

    Recommendations for the future of the current Public Health Strategic Partnership between the Isle of Wight Council and Hampshire County Council will be considered by both local authorities’ Cabinets in November.

    The strategic partnership was signed in July 2019 to provide Public Health leadership to the Island for a period of up to six years.

    The partnership is due to come to an end in August 2025 and both authorities will be presenting reports summarising its successes and requesting formal approval to allow the partnership to conclude in line with the current contract end date.

    As a result of the partnership, the Isle of Wight Council is now effectively delivering its public health duties and has safe and high quality public health services in place for residents.

    For example, there is a 25 per cent increase in the number of people accessing drug and alcohol treatment, as well as improvements in managing and responding to health protection matters.

    Councillor Debbie Andre, Cabinet member for Public Health, said: “With the Island in a stronger position in relation to Public Health services, now is a sensible time to consider the future of the current arrangements.

    “It is important to highlight how proud both organisations are of the positive work undertaken together over the past few years, especially during the COVID pandemic.

    “We will continue to work closely with our colleagues in Hampshire to effectively manage any transition, maintain our progress, and strengthen our provision moving forward for the benefit of all Island residents.”

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI Security: 2023 IAEA Annual Report Presented to the UN General Assembly

    Source: International Atomic Energy Agency – IAEA

    The 2023 IAEA Annual Report contains highlights of a significant year for the Agency. (Image: A.Vargas).

    The 2023 IAEA Annual Report is now available to read online, in all the official UN languages. The 2023 report was submitted to the United Nations General Assembly  today by the IAEA’s Director General, Rafael Mariano Grossi.

    The 2023 IAEA Annual Report contains highlights of a significant year for the Agency. A new Atoms4Food initiative was launched by Mr Grossi, together with the Director General Qu Dongyu of the Food and Agriculture Organization of the United Nations. The initiative builds on the IAEA’s experience of helping countries to use nuclear techniques to help them tackle global hunger by enhancing food security and nutrition. 

    At the same time, the IAEA continued to implement its existing key initiatives. These include Rays of Hope: Cancer Care for All, aimed at closing the gap in cancer care in lower- and middle- income countries, its Zoonotic Disease Integrated Action initiative  (ZODIAC) tasked with preventing future pandemics and NUTEC Plastics, which fights global plastic pollution.

    “Every day on every continent, the IAEA assists nations in overcoming challenges like diseases, poverty, hunger, pollution and climate change,” said Mr Grossi in his written statement to the UN General Assembly. “In partnership with our 178 Member States, we are enabling communities to improve healthcare, agriculture and energy systems through the power of nuclear science and technology.”

    An important part of the IAEA’s work in 2023 was to ensure transparency around the discharge of ALPS treated water from Fukushima Daiichi nuclear power station. In July, Mr Grossi presented to Prime Minister Fumio Kishida of Japan an Agency report that concluded the discharge approach and activities to be consistent with international safety standards.

    Another key priority was to support Ukraine’s nuclear safety and security. A total of 86 IAEA missions comprising 187 staff travelled to Ukraine in 2023. The IAEA also maintained a continuous presence at all five nuclear sites in Ukraine. In May, Mr Grossi presented to the UN Security Council the five principles for protecting nuclear safety and security at Zaporizhzhya Nuclear Power Plant.

    A significant milestone for the IAEA was at last year’s United Nations Climate Change Conference (COP28) in Dubai, where leaders backed investment in nuclear as a low-carbon energy source for the first time. Further notable developments concerning nuclear energy included two interconnected mechanisms: the IAEA Platform on SMRs and their Applications and the IAEA’s Nuclear Harmonization and Standardization Initiative, launched together in 2023 to support its Member States with the safe and timely deployment of small modular reactors (SMRs). SMRs offer a viable option to  enhance energy security while helping to achieve global climate goals for many countries worldwide. 

    The IAEA’s unique laboratories at Seibersdorf achieved a milestone last year, fundraising was completed for the renewal of the Nuclear Application Laboratories (ReNuAL) initiative. In addition, the IAEA’s new Nuclear Security Training and Demonstration Centre opened, ready to assist Member States in tackling nuclear terrorism and crime.

    Mr Grossi also launched the World Fusion Energy Group in 2023, which will bringing together key stakeholders as this future technology continues its journey from experimentation to demonstration and deployment.

    In addition, the IAEA celebrated achievements in promoting gender equality in the nuclear sector. By the end of 2023, the IAEA Marie Skłodowska-Curie Fellowship Programme had 560 fellows, and the Lise Meitner Programme was also in place, offering early- and mid-career women in the nuclear sector new opportunities for career advancement. In 2023, gender balance was achieved in senior management at the IAEA.

    More information about the significant activities of the Agency during the past year is available here. The 2023 IAEA Annual Report can also be read in the UN official languages of Arabic, Chinese, French, Russian and Spanish, as well as English. Mr Grossi’s full statement can be read here.

    MIL Security OSI –

    January 23, 2025
  • MIL-OSI Global: In the age of supposed anti-ambition, is Kamala Harris’s pro-work message resonating?

    Source: The Conversation – Canada – By Scott Schieman, Professor of Sociology and Canada Research Chair, University of Toronto

    “Our ambition and aspiration should be baseline, and we should aspire and have the ambition and plan to do more … I want Americans and families to not just get by but to be able to get ahead.” United States Vice President Kamala Harris, outlining her plan to build an “opportunity economy” in a recent speech.

    As a sociologist who studies how people think and talk about getting ahead in life, I’ve been struck by the tsunami of anti-ambition rhetoric in recent years that seems at odds with Harris’s messaging.

    A prominent 2022 feature in The New York Times Magazine’s Future of Work issue, for example, proclaimed a new “Age of Anti-Ambition.”

    While many joined the “ambition is out” chorus, a softer refrain suggested that ambition had merely become quiet as Fortune magazine reported people were “no longer chasing achievement for achievements’ sake.”

    Given all the anti-ambition rhetoric, it’s reasonable to ask: is Harris’s message about ambition resonating with voters with less than a month until the presidential election? Does anyone still believe ambition is important for getting ahead?

    Shifts in sentiment

    Let’s look at some data. The General Social Survey (GSS) — the gold standard for tracking American attitudes and beliefs since the 1970s — asks a set of questions about the importance that people give to different ways of getting ahead in life.

    The list includes “ambition,” “hard work,” “a good education,” “coming from a wealthy family,” “knowing the right people,” etc. For each, respondents select from these response options: “essential,” “very important,” “fairly important,” “not very important” and “not at all important.”

    In 1987, the first time the GSS presented these questions, 43 per cent of American workers said that ambition was “essential” to getting ahead; 44 per cent said it was “very important;” 11 per cent said it was “fairly important;” and only two per cent said “not very/not at all important.”

    Most respondents to the GSS say ambition is important or very important to success, both years ago and more recently.
    (Mimi Thian/Unsplash)

    I didn’t believe that Americans had ditched ambition since then, but I needed data to test my hunch, so I solicited the research firm YouGov in 2023 and 2024 for two national surveys of 7,500 American workers. I call my study the MESSI (Measuring Employment Sentiments and Social Inequality).

    My 2024 survey finds that most American workers still believe in the importance of ambition, but sentiments have shifted.

    The share who now say ambition is “essential” dropped nine percentage points from 1987 to 34 per cent. While the share who said ambition was “very important” dipped by two points (now 42 per cent), the percentage who felt ambition was “fairly important” or “unimportant” increased by 11 points.

    This softening is noteworthy. But, then again, if we are truly in an anti-ambition era, would three-quarters of American workers still see ambition as very important or essential?

    Message falling flat?

    In her stump speeches, Harris often mentions the “dignity of work” and the power of “hard work.” But after years of anti-work rhetoric mixed with new anti-ambition language like “quiet quitting,” a message celebrating the importance of hard work to get ahead might fall flat.




    Read more:
    If companies want to stop quiet quitting they need to take burnout seriously


    Let’s return to the 1987 GSS. Back then, 91 per cent of working Americans said hard work was “very important” or “essential” to getting ahead.

    That dipped slightly to 89 per cent in 2021 and then dropped to 77 per cent by 2024.

    On one hand, an 11-point plunge might be seen as a concern. On the other hand, we could interpret the fact that almost eight in 10 American workers say that they still value hard work as a sign of its resilience — especially given the cultural onslaught against work’s reputation and the persistent narrative about employees being miserable in their jobs since 2021.




    Read more:
    New research debunks the ‘unhappy worker’ narrative, but finds most still believe it


    Willing to work harder

    According to a viral video on TikTok, quiet quitting is when you “quit the idea of going above and beyond.”

    Given quiet quitting’s popularity among anti-ambition/anti-work narratives, I wondered how Americans would respond to a GSS question that asks the extent of agreement or disagreement with the following: “I am willing to work harder than I have to in order to help the firm or organization I work for succeed.”

    If quiet quitting has truly reached astronomical levels, wouldn’t it make sense that most Americans would strongly disagree with that statement?

    Two GSS data points in 2006 and 2016, well before the COVID-19 pandemic, show that eight in 10 American workers said they were willing to work harder than necessary. In my 2023 and 2024 MESSI surveys, I found that dropped to six in 10. Now, a greater share neither endorses nor rejects giving a little extra. Ambivalence is a bit more of a standard response.

    ‘Hard work is good work’

    What’s the takeaway? Sweeping sociological claims that we’re living in an age of anti-ambition and that most people are quiet quitting simply aren’t justified.

    Yes, sentiments about the importance of ambition and hard work — and going above and beyond — have shifted. And even though that shift is quieter than media discourse would have you believe, economic pessimism remains entrenched despite objective evidence to the contrary.

    Harris may therefore have her work cut out for her in selling an “opportunity economy” message as election day draws closer. But as she has said: “Hard work is good work.”

    Scott Schieman receives funding from Social Science and Humanities Research Council.

    – ref. In the age of supposed anti-ambition, is Kamala Harris’s pro-work message resonating? – https://theconversation.com/in-the-age-of-supposed-anti-ambition-is-kamala-harriss-pro-work-message-resonating-240427

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-OSI USA: MATSUI, CARTER AND COLLEAGUES URGE DEA TO EXTEND TELEMEDICINE PRESCRIBING FLEXIBILITIES FOR CONTROLLED SUBSTANCES

    Source: United States House of Representatives – Congresswoman Doris Matsui (D-CA)

    SACRAMENTO, CA – Congresswoman Doris Matsui (D-CA-07) and Congressman Earl L. “Buddy” Carter (R-GA-01) on Fridayled a group of 18 House colleagues in urging the Drug Enforcement Administration (DEA) to extend current flexibilities for telemedicine prescribing of controlled substances. 

    Congress has repeatedly directed the DEA to create a Special Registration for Telemedicine process, first through the Ryan Haight Online Consumer Protection Act of 2008, and again in with the Substance Use Disorder Prevention that Promotes Opioid Recovery and Treatment for Patients and Communities (SUPPORT) Act in 2018. After years of inaction, the DEA has recently been taking important steps to fulfill this statutory obligation. However, reporting on the draft proposed rule suggests that the rule would significantly limit telemedicine prescribing moving forward.

    “If the reporting is true, the proposed content of the rule seems misaligned with Congressional intent in authorizing such a Special Registration process,” wrote the lawmakers. “Such a rule may unnecessarily risk care for thousands of patients reliant on telemedicine for critical medications”

    “Given the gravity of the situation and the impending cliff, we urge DEA to act in a timely manner to extend flexibilities for telemedicine prescribing on controlled substances,” the lawmakers concluded.

    A Co-Chair of the Congressional Telehealth Caucus, Congresswoman Matsui is a longtime champion of telehealth and improving access to care. She authored the Telemental Health Expansion Act, which permanently added mental health to the definition of Medicare-covered telehealth services, waived the geographic and originating site requirements for mental health provided through telehealth, and allowed Medicare beneficiaries to access these services at home. Congresswoman Matsui also introduced the Telemental Health Care Access Act, which would repeal the requirement that Medicare patients be seen in person before receiving virtual behavioral health care.

    Full text of the letter can be found below or HERE.

    Dear Administrator Milgram,

    As Congressional champions for telehealth, we write to express our concerns with the reporting surrounding the Drug Enforcement Administration’s (DEA) draft proposed rules concerning the remote prescribing of controlled substances via telemedicine. We strongly encourage you to act before the end of the year to ensure patients do not lose access to care on January 1, 2025 by extending the current flexibilities for telemedicine prescribing of controlled substances.

    We are grateful for your continued attention to this critical issue and the progress you have made towards creating a Special Registration for Telemedicine process. As you know, Congress has repeatedly directed DEA to create such a Special Registration, first in the Ryan Haight Online Consumer Protection Act of 2008. Following years of inaction by DEA, Congress again mandated DEA to promulgate a Special Registration rule in the Substance Use Disorder Prevention that Promotes Opioid Recovery and Treatment for Patients and Communities (SUPPORT) Act in 2018. Yet, DEA has avoided its statutory obligation to create such a process for 16 years. We are encouraged that DEA is now seriously considering the option, including by reviewing thousands of comments and holding listening sessions with stakeholders to understand the public health perspective. We maintain our belief that the Special Registration process is a viable option to allow for patient access to care via telemedicine while balancing DEA’s law enforcement mission.

    However, the reports surrounding the content of DEA’s draft proposed rule to create a Special Registration process are deeply concerning. If the reporting is true, the proposed content of the rule seems misaligned with Congressional intent in authorizing such a Special Registration process. Such a rule may unnecessarily risk care for thousands of patients reliant on telemedicine for critical medications. DEA itself, in its first attempt in 2023 to propose rules to provide a permanent framework for telemedicine prescribing of controlled substances following the pandemic, dismissed the idea of a Special Registration requirement out of fears that it would be “burdensome” for patients and providers.  The reported provisions of this draft rule – for example, categorically excluding whole classes of medications and providers based on their usage of telehealth – would create significant burdens for patients and providers. We cannot condone such a potential interpretation of the Special Registration requirement.

    Even if the reporting is inaccurate and DEA is prepared to propose a rule that would satisfy the needs of patients and providers, the clock is running out to ensure patients will not lose access to care. In communication to Congressional offices dated June 28, 2024, DEA noted their intention to “[give] patients and medical practitioners time to plan for, and adapt to, the new rules once issued.” If DEA were able to propose regulations today, those regulations would still need time to go through public notice-and-comment period prior to being finalized. Furthermore, the provider community would likely need an additional on-ramp period to allow for the implementation of the rules. To avoid any lapses in care, DEA must consider an extension of the current flexibilities.

    Given the gravity of the situation and the impending cliff, we urge DEA to act in a timely manner to extend flexibilities for telemedicine prescribing on controlled substances.

    We thank you for your attention to this critical issue and look forward to your response.

    # # #

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: WA Agriculture Industry Receives $1.5 Million to Assist New Farmers

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    10.15.24

    WA Agriculture Industry Receives $1.5 Million to Assist New Farmers

    Programs will provide new farmers with training and assistance to successfully start new farms

    EDMONDS, WA – Today, U.S. Senator Maria Cantwell (D-WA) announced $1.5 million in grants from the U.S. Department of Agriculture (USDA) to programs that will assist new agricultural workers in Washington state. The programs aim to provide farmers with the training and assistance to successfully start new farms, and target groups traditionally underserved by USDA grants.

    The grants come from the USDA’s 2501 program, which helps underserved farmers, ranchers, and foresters who have historically had limited access to USDA programs and services, and the Beginning Farmer and Rancher Development program.

    • $750,000 to Wakulima USA to provide support to disadvantaged new and beginning farmers. This grant focuses on increasing farmland access, improving production skills and facilities, establishing and expanding market connections, and providing a support system for immigrant and refugee farmers. This program is refugee- and immigrant-led, and will assist farmers in South King County.
    • $749,997 to the International Rescue Committee to help refugees, asylees, and immigrants achieve stability and flourish after resettlement throughout the U.S. This program will assist new farmers in South King County and Salt Lake County, UT, in growing their farm businesses by teaching skills and providing marketing opportunities and access to resources.
    • $49,014 to the Washington Farmland Trust to provide personalized support to beginning farmers and ranchers seeking to acquire farmland. This program helps farmers develop relationships with landowners and teaches them the skills to evaluate prospective farmland before purchasing it. This project will provide 50 new farmers across Washington state with the support to establish their farm businesses.

    Sen. Cantwell has been a consistent champion of Washington state’s agriculture industry, which is vital to the state’s economy. Agriculture and food manufacturing generate more than $21 billion per year and employ more than 171,000 people. Small and family farms are key contributors, making up 89% and 96%, respectively, of Washington’s farms.  In March  2024, Sen. Cantwell announced that Washington’s sweet cherry growers would be eligible for up to $500,000 in emergency loans following a disaster declaration for 2023’s cherry harvest season. A month earlier, she had sent a letter to Secretary of Agriculture Tom Vilsack urging him to expedite the disaster declaration.

    In September 2023, India ended its retaliatory tariffs on American apples and pulse crops following several years of Sen. Cantwell’s advocacy. In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.



    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI Global: Who cares? How virtual health is changing in-home caregiving

    Source: The Conversation – Canada – By Alexandra Beukens, Research Assistant, Faculty of Health Sciences, Simon Fraser University

    Some patients who have limited knowledge of digital technology rely on a caregiver to facilitate virtual appointments. (Shutterstock)

    Seventy-five per cent of health care in Canada is provided at home by unpaid family caregivers. Not only is this essential health-care work often unrecognized and under-supported, it is rapidly changing.

    Since the COVID-19 pandemic, many health-care appointments have shifted to telephone and videoconferencing. This change in the mode of health-care delivery has now become more fully integrated into the Canadian health-care system.

    While a lot of policy and research has focused on the impact of this transition on doctors and patients, these changes also have important implications for caregivers.

    With a growing portion of Canadians opting to age in place at home, family members will increasingly be relied upon to provide care. However, unlike professional health-care workers, family caregivers are generally not compensated for their labour.

    With a growing portion of Canadians opting to age in place at home, family members will increasingly be relied upon to provide care.
    (Shutterstock)

    In fact, the act of caregiving is associated with personal costs. Caregivers often must take time away from paid work to provide care, which in turn affects their financial security. Notably, women make up the major share of caregivers in Canada.

    To better understand the needs of caregivers, our research team reviewed existing studies, and conducted interviews and workshops with caregivers and others taking part in virtual health. Our findings shed light on how virtual care has so far interacted with existing inequities to create opportunities and challenges for caregivers.

    The impact of virtual care

    For example, virtual care has reduced the economic costs of attending appointments by lessening the need for caregivers to take time off work. It has also expanded caregiver networks, allowing those living at a distance to be involved in a loved one’s care, and opened new avenues for caregivers to find supportive communities and services online.

    However, caregivers also report encountering challenges with virtual care. Among these are experiences overcoming the “digital divide,” which acknowledges differences in access to technology (such as limited internet access) and/or a lack of operational knowledge of digital devices.

    Establishing rapport with health-care professionals during virtual health consultations can be a challenge.
    (Shutterstock)

    Although technology and internet usage have become increasingly ingrained in the day-to-day lives of Canadians, individuals living with limited incomes, or who live in remote areas, still face barriers to reliable internet.

    Our research suggests this limits options for accessing virtual forms of health care. Meanwhile, some patients who have more limited knowledge of digital technology rely on a caregiver to facilitate virtual appointments.

    Other challenges with virtual care identified by caregivers include difficulty establishing rapport with a clinician during virtual meetings. This can be especially true for those without a designated family physician, who instead regularly meet with virtual walk-in doctors.

    For Indigenous communities, this lack of a consistent point of care undermine efforts to access care that is free from racism, stigma and discrimination — something that is largely achieved through the long-term establishment of trusting relationships with patients and their caregivers in a community setting.

    For caregivers of diverse languages, we found that virtual appointments outside of formal health-care spaces where interpretation services are more readily available often mean that they are called upon to translate language and cultural nuances with clinicians, adding to their responsibilities as caregivers.

    Barriers and stressors

    Many caregivers are seniors themselves, who are taking care of a spouse or an elderly parent.
    (Shutterstock)

    Navigating new virtual health-care tools can also create new stressors for caregivers. For instance, uncertainty as to where and how to follow up with a clinician, or concerns related to privacy and confidentiality. These concerns, amidst other barriers, can compound feelings of anxiety for caregivers already grappling with the stress of their loved one’s care.

    One community support worker we interviewed for our study noted that most caregivers in their program were seniors themselves, who were taking care of a spouse or an elderly parent. “So, they are seniors, too … they may not have the technology skills to access to the virtual care.” This includes hardware. The support worker noted that older caregivers may not have smartphones, tablets, laptops or even internet. This can create a financial barrier as well as a technological one: “For some low-income seniors, it’s very difficult,” they said.

    These experiences make clear that, although virtual health care brings new opportunities that can alleviate access barriers for caregivers, there is also a risk of new challenges being introduced.

    Health policymakers and clinicians must be attentive to caregivers’ unique needs if we are to have truly equitable models for virtual care. Meaningful engagement with caregivers of diverse socioeconomic and cultural backgrounds is a necessary first step.

    Alexandra Selinger receives funding from the Canadian Institutes of Health Research.

    Julia Smith receives funding from the Canadian Institutes of Health Research, Social Sciences and Humanities Research Council of Canada and Health Research BC

    Lindsay Hedden receives funding from the Canadian Institutes of Health Research, Social Sciences and Health Research BC.

    Muhammad Haaris Tiwana receives funding from the Canadian Institutes of Health Research, and Social Sciences and Humanities Research Council of Canada.

    – ref. Who cares? How virtual health is changing in-home caregiving – https://theconversation.com/who-cares-how-virtual-health-is-changing-in-home-caregiving-232023

    MIL OSI – Global Reports –

    January 23, 2025
  • MIL-Evening Report: China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy?

    Source: The Conversation (Au and NZ) – By Wenting He, PhD candidate of International Relations, Australian National University

    Sanga Park/Shutterstock

    China’s relentless economic growth used to be the marvel of the world. Oh, what a memory.

    The past couple of years have seen China contend with an economic slowdown amid colliding crises, many of which make it internationally unique. Consumer prices have been approaching deflationary territory, there’s an oversupply of housing, and youth unemployment has soared.

    Mounting pressure has forced the Chinese government to step in. Over the past month, Beijing has put forward a set of significant economic stimulus measures aimed at reviving China’s faltering economy.

    According to a research note by Deutsche Bank, this stimulus could potentially become “the largest in history” in nominal terms. But there’s still a lot we don’t know. So what kinds of measures that are in this package so far, and has China been here before?

    What’s in the package?

    On September 24, Pan Gongsheng, governor of China’s central bank, unveiled the country’s boldest intervention to boost its economy since the pandemic.

    The initiatives included reducing mortgage rates for existing homes and reducing the amount of cash commercial banks are required to hold in reserves. The latter is expected to inject about 1 trillion yuan (A$210 billion) into the financial market by letting the banks lend out more.

    China has been grappling with an oversupply of housing and a property sector crisis.
    Charles Bowman/Shutterstock

    On top of this, 800 billion yuan (A$168 billion) was announced to strengthen China’s capital market.

    This comprised a new 500 billion yuan (A$105 billion) monetary policy facility to help institutions more easily access funds to buy stocks, and a 300 billion yuan (A$63 billion) re-lending facility to help speed up sales of unsold housing.

    Further signs of economic revitalisation became evident at a Politburo meeting of China’s top government officials, two days after this announcement.

    Chinese President Xi Jinping stressed the urgency of economic revival. Xi even encouraged officials to “go bold in helping the economy” without having to fear the consequences.

    That same day, seven government departments released a joint policy package to stabilise China’s 500 billion yuan (A$105 billion) dairy industry, which has been severely impacted by declining milk and beef prices since 2023.

    A market rollercoaster

    Initially, the market’s response was overwhelmingly positive. Perhaps too positive. In the last week of September, stock markets in Shanghai, Shenzhen, and Hong Kong saw their biggest weekly rise in 16 years.

    On October 8, following China’s National Day holiday, turnover on the Shanghai and Shenzhen stock exchanges hit an unprecedented 3.43 trillion yuan (A$718 billion). However, expectations for further stimulus measures were met with disappointment.

    China’s National Development and Reform Commission brought forward 100 billion yuan (A$21 billion) in spending from the 2025 budget. That wasn’t enough to sustain market optimism. On October 9, Chinese stocks saw their most severe drop in 27 years.

    This downturn only worsened a few days later, when China’s Ministry of Finance hinted there was “ample room” to raise debts but did not specify any new stimulus measures.

    Still thin on the details

    The market remains deeply uncertain about the future direction of China’s economic policies and what they might mean for the world. Hopes that more details might be released over the weekend were largely dashed.

    Back in July, Chinese authorities asserted in their Third Plenary Session communique that China “must remain firmly committed” to achieving this year’s economic growth target of 5%. Compared to the country’s reform-era economic performance, that’s a modest goal.

    But facing a persistently sluggish economic outlook, Xi later seemed to subtly shift the tone, changing the language from “remain firmly committed” to “strive to fulfill” in September.

    Over the past decades, China has frequently employed massive-scale stimulus measures to revive its economy during downturns. These policies have been able to significantly rejuvenate the economy, though occasionally with some worrying side effects.

    In response to the 2008 global financial crisis, China’s State Council released a 4 trillion yuan (A$837 billion) stimulus package. This successfully helped China stand firm through the crisis and was credited as a key stabiliser of the global economy.

    But it also accumulated trillions of yuan in debt through local government financing and accelerated the rise of “shadow banking” – unregulated financial activities.

    China also spent big on stimulating its economy in 2015, following stock market turbulence, and then again in the wake of the pandemic.

    What should we expect?

    What should we expect this time? How balanced or sustainable will any ensuing growth be?

    We are still waiting on many of the details about the size and scope of the package, but any big increase in Chinese economic demand will likely have “spillover” effects.

    As we’ve discussed, many of the measures announced to date will have their most immediate effect on borrowing, lending and liquidity in China’s stock markets.

    That suggests we should watch for what’s called the “wealth effect” in economics. This is the theory that rising asset prices – such as for housing or shares – make people feel wealthier and therefore spend more.

    If China’s big stimulus spend causes sustained increases in asset values, it could give rise to economic optimism. Chinese consumers – and investors – may become less anxious about the future.

    From Australia’s point of view, that could see increases in demand in areas where our economies are interlinked – iron ore, tourism, education and manufactured food exports.

    More broadly, Chinese demand could contribute to growth in other global economies, with a self-reinforcing effect on the world as a whole.

    Beware financialisation

    On the other hand, China’s shift to depending more on volatile asset price rises in its capital markets to sustain growth could have destabilising effects. Where asset price increases benefit those at the “top end of town,” they can breed inequities and imbalances of their own.

    China’s “Black Monday” stock market crash in 2015 raised alarm in Beijing. Partly reflecting a wariness of excess financialisation, Xi cautioned at the time that “housing is for living in, not for speculation”.

    So far, China is still navigating its path towards a more sustainable development model, striving to strike a balance between sustaining economic growth and stabilising its domestic markets and political landscape. As for the outcome, it remains a profound uncertainty for us all – perhaps China itself included.

    Wesley Widmaier receives funding from the Australian Research Council.

    Wenting He does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy? – https://theconversation.com/chinas-government-is-about-to-spend-big-on-stimulus-can-it-turn-around-the-countrys-sluggish-economy-241260

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-Evening Report: Has Kamala Harris reached the ceiling of her ability to make gains against Trump?

    Source: The Conversation (Au and NZ) – By Jared Mondschein, Director of Research, US Studies Centre, University of Sydney

    With less than three weeks to go before Election Day, the polling at this point is clear: Kamala Harris and Donald Trump are effectively tied.

    Harris has led the Democratic ticket for less than three months, but in that short time she has galvanised Democratic voters and significantly increased the popularity of the Democratic ticket. Yet, current levels of US political polarisation and, perhaps more notably, calcification, make one wonder just how much more support she could win.

    In other words, few Americans are undecided in their views of Donald Trump – he galvanises both his base and his opponents alike – so there are simply not many American voters remaining for Harris to try to win over.

    Initial momentum has plateaued

    When 81-year-old Joe Biden led the Democratic ticket in early 2024, only 55% of Democrats and Democratic-leaning voters were enthusiastic about the election.

    While the 2020 presidential election between Biden and Trump broke records for US voter turnout, the 2024 redux was looking like it would break the opposite sort of records – for voter disinterest.

    That is, at least, until Harris assumed the top of the Democratic ticket on 21 July 2024. Within a month of Biden stepping down as the party’s nominee, Democratic enthusiasm for their significantly younger candidate jumped 23 points to 78%. This eclipsed not only levels of enthusiasm that Democrats had for Barack Obama in 2008, but also the levels of enthusiasm that Republicans currently have for Donald Trump.

    Harris’ momentum saw the race quickly move on from deep analysis of the “double haters” – the record 25% US voters who disliked both Trump and Biden and were simply deciding which they hated less. With a much closer contest now likely, attention shifted to key swing states such as Pennsylvania, where Harris closed Trump’s five-point lead over Biden to now be around even.

    Small changes can make a big difference

    Harris’ ability to make the Democratic ticket competitive should not be undervalued. After all, as recently as June 2024, she was one of the few Democratic politicians who actually had a lower national approval rating than Joe Biden.

    With that said, the momentum for Harris should not be seen as a sea change across the country. As much as she energised a previously lacklustre Democratic ticket, approval of Harris among self-described Independent voters only increased from 36% to 43% in the same timeframe. Republican approval of Harris decreased slightly from 6% to 4% over the same period.

    Ultimately, even the slightest of changes can completely shift the nature of the race, particularly given how slim the margins have been in the last two presidential elections. In the 2016 presidential election, for example, Trump’s margin of victory was some 75,000 votes across three swing states. In 2020, Biden’s margin of victory was about 45,000 votes across three swing states.

    Harris or Trump’s 2024 margin of victory very well may be less than 0.03% of the US electorate, making this potentially the closest US election in decades.

    Has support for Harris peaked?

    For the first half of 2024, Trump polled considerably ahead of Biden in the key swing states that will most likely decide the US election. Then, within weeks of Harris becoming the presidential nominee in July, the difference in the swing states between Trump and his opponent shrank to around 1-2 percentage points.

    Now, nearly three months later, the polling is essentially unchanged – remaining well within the standard margin of error of around ±3%.

    As much as Harris has eclipsed Biden in the race against Trump, there is no denying the statistical reality that Harris is no longer gaining ground on Trump in the way that she was in the early weeks of her candidacy.

    Some have argued that Harris’ liabilities – and perhaps the reason she has stalled in the polls – are that Americans remain fairly negative on the economy, she is in the incumbent administration instead of on an outsider ticket, and that many view her as simply too progressive.

    Yet judging by the fact that Harris appears to be polling better than “a generic Democrat” – who generally are more popular than any other Democrats because they are not real people with real positions – it’s perhaps more likely that in these polarised and calcified times, Harris very well may have simply peaked as high as any other Democratic candidate possibly could.

    With American voter intentions barely shifting after an insurrection, pandemic and assassination attempts, it’s hard to imagine Harris can do much better than she already is doing.

    Harris’ best strategy for success on November 5 may therefore need to be less focused on winning over more of the very few undecided voters remaining, and instead more focused on simply getting her energised supporters to turn up on Election Day.

    Jared Mondschein does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Has Kamala Harris reached the ceiling of her ability to make gains against Trump? – https://theconversation.com/has-kamala-harris-reached-the-ceiling-of-her-ability-to-make-gains-against-trump-240902

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Chile’s Laws on Violence against Women, Ask about Measures to Prevent Trafficking of Children and Sexual Abuse of Girls

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today considered the eighth periodic report of Chile, with Committee Experts praising the State’s laws on violence against women and femicide, and raising questions about measures to prevent trafficking of children and sexual abuse of girls.

    One Committee Expert said Chile had impressive laws on violence against women and femicide.  What was the reparation regime for femicide?

    A Committee Expert said trafficking remained a problem in Chile.  There were around 20,000 illegal adoptions; the stealing of children was reportedly a lucrative business for criminal groups.  What measures were in place to support women and children who were at risk of trafficking?

    Another Expert said the Committee was concerned by the high rates of teenage pregnancy and sexual abuse of teenage girls.  What was being done to prevent early pregnancies, sexual abuse of girls, and delays in processing of abortion requests?

    Introducing the report, Antonia Orellana Guarello, Minister of Women and Gender Equity of Chile and head of the delegation, said an emblematic advance in the fight against violence in Chile was the enactment this June of the comprehensive law against gender violence. In the last two years, law reform had established a comprehensive protection and reparation regime for victims of femicide. National violence against women programmes had been redesigned to offer care to a wider range of victims.

    Ms. Orellana Guarello said the Government had developed the National Action Plan against Trafficking in Persons 2023-2026, focusing on prevention, protection of victims, prosecution of crimes, intersectoral coordination, and international cooperation.  This plan had made it possible to double the State’s capacity to care for adult victims.

    The delegation added that the State had a new procedure for assessing international adoptions and was supporting investigations into kidnapping of children. One individual who had been kidnapped had been identified and reunited with their family.  The State party was working to establish a genetic database to help reunite families and victims.

    Chile had seen a downward trend in teenage pregnancies since 2016, the delegation noted, influenced by the free distribution of contraception.  The State party was developing legislation that decriminalised abortion.  Around 70 per cent of girls under 14 who requested abortions did so on the grounds of rape.  An early referrals programme had been developed to speed up their access to abortions.

    In closing remarks, Ms. Orellana Guarello said Chile was committed to implementing the rights of women in all their diversity.  The State party would work to collect disaggregated data on women, achieve gender parity at all levels, increase access to abortion, promote the rights of older women and reform the pension system, and improve the situation of women deprived of liberty.

    Ana Peláez Narváez, Committee Chair, in concluding remarks, said that the dialogue had helped the Committee to better understand the situation of women and girls in the State party.  It would develop recommendations based on the dialogue to strengthen the implementation of the Convention for the benefit of all women and girls in Chile.

    The delegation of Chile consisted of representatives from the Supreme Court; Ministry of Justice and Human Rights; National Migration Service; Ministry of Foreign Affairs; Ministry of Women and Gender Equity; Ministry of the Interior and Public Security; Public Prosecutor’s Office; Gendarmerie; Public Criminal Defender’s Office; Cabinet of the Minister of Social Development and Family; and the Permanent Mission of Chile to the United Nations Office at Geneva.

    The Committee will issue the concluding observations on the report of Chile at the end of its eighty-ninth session on 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Wednesday, 16 October to consider the tenth periodic report of Canada (CEDAW/C/CAN/10).

    Report

    The Committee has before it the eighth periodic report of Chile (CEDAW/C/CHL/8).

    Presentation of Report

    ANTONIA ORELLANA GUARELLO, Minister of Women and Gender Equity of Chile and head of the delegation, said that since the last dialogue, Chile had experienced social protests, the COVID-19 pandemic, and the emergence of “anti-rights” groups.  Despite these challenges, the State had made progress in institutional, legal and administrative mechanisms to ensure the rights of women.  The National Equality Plan, updated in 2023, was the roadmap for equality policies in Chile. Minority groups had participated in the construction and monitoring of the plan.  In 2023 and 2024, six billion pesos were allocated to projects that directly benefited the diversity of women in different State institutions.

    An emblematic advance in the fight against violence was the enactment this June of the comprehensive law against gender violence, which established measures to punish and eradicate gender-based violence.  It created a judicial supervision mechanism, recognised children and adolescents as victims, and established an integrated data system on cases of gender violence. In the last two years, law reform had improved procedural guarantees and protected the rights of victims of sexual crimes; advanced the prevention, investigation and punishment of workplace sexual harassment; and established a comprehensive protection and reparation regime for victims of femicide, including a pension for sons and daughters, which until August 2024 has benefited 126 children and adolescents. National violence against women programmes had been redesigned to offer care to a wider range of victims.  The budget allocated to the prevention of violence against women had been increased by 22 per cent between 2021 and 2024.

    In 2022, a law prohibiting child marriage was enacted.  Thanks to this law, in the last two years there were no marriages with spouses under 18 years of age.  The Government had also developed the National Action Plan against Trafficking in Persons 2023-2026, focusing on prevention, protection of victims, prosecution of crimes, intersectoral coordination, and international cooperation. This plan had made it possible to double the State’s capacity to care for adult victims.  As of May 2024, humanitarian visas were issued to 21 women victims.  Progress had also been made with respect to the payment of child support through the creation of the National Registry of Alimony Debtors and the effective payment law. This had allowed the payment of more than 333 million United States dollars for alimony, benefiting more than 50,000 families as of May 2024.

    Chile was processing the bill that modified the Labour Code to promote equal pay between men and women, seeking to address the persistent gender wage gap, which stood at 23.3 per cent.  The Buenos Aires Commitment recognised the right to care and be cared for.  The Government had introduced a bill to establish a national policy on care to guarantee access to care in conditions of dignity.  Resources for care systems would be increased by 40 per cent by 2025, with the goal of serving 75,000 people with severe dependency.

    The More Women Scientists Programme had provided posts to women in science, technology, engineering and maths programmes at the university level.  The number of women selected for such programmes had since increased by 16.8 per cent.  The Government had implemented an inspection manual for the voluntary interruption of pregnancy law, which gave tools to local authorities for the supervision of health facilities.  It had also reduced the prices of oral, vaginal and long-acting contraception.

    The percentage of women participating in politics had increased in recent decades.  Chile was ranked sixth worldwide in high-level representation of women, with 58.3 per cent of members of the Cabinet of Ministers being women.  The Government was also promoting projects such as gender quotas in the elections of regional governors and councillors.  In the last two years, spaces had been created for women to participate in the evaluation and transformation of public policy, such as the Citizen Dialogues for the Care System, which had 12,614 participants, of which 80.4 per cent were women.  Dialogues were also held for rural women and for the lesbian, gay, bisexual, transgender and intersex community, on sexual and reproductive rights and pension reform.

    In the last two years, 119 indigenous language and culture educators were recruited.  The Good Living Plan promoted the participation of Mapuche and rural women in political and social decisions through territorial dialogues.  The Government had also doubled the quota for hiring people with disabilities in companies and public institutions with 100 or more workers.  The National Policy on Migration and Foreigners provided comprehensive care for foreign women victims of domestic and gender-based violence.  Since 2023, the gender identity accompaniment programme had been implemented, serving more than 2,500 transgender and gender non-conforming children and adolescents.  This year, the Protocol for the Protection of Human Rights Defenders was approved, reaffirming the commitment of the State to protect women human rights defenders.  The Protocol on the Treatment of Pregnant Women in Detention sought to guarantee respect for and exercise of these women’s rights.  From 2022 to May of this year, a total of 321 pregnant women had benefited from this law.

    The Committee’s recommendations would allow the State to make progress in complying with its international commitments and to guarantee respect for human rights.

    LORETO CARVAJAL, Senator of the Republic, said she was a member of a group of parliamentarians that promoted the creation of the Commission on Women and Gender Equity, a space to debate policies against discrimination and violence against women. The law on labour conciliation enshrined the right to remote work for all workers who had children under 14 years of age in their care.  Another law prohibited sexual and workplace violence and harassment at work.  The National Congress had also established its first breastfeeding room, and the Senate had installed 24 kits with menstrual hygiene products in its bathrooms.  The Work-Life Balance Protocol supported women with family and care responsibilities. 

    Chile also faced several challenges.  The revision of the civil partnership regime was still pending, as was a bill to strengthen the anti-discrimination law.  It was essential that resources were appropriately allocated to initiatives that addressed gender-based violence and promoted women’s economic empowerment.  There also needed to be increased cooperation between the legislative branch, the executive and civil society.  The delegation would faithfully reflect on both the State’s progress and the challenges remaining regarding the implementation of the Convention.

    ANDREA MUÑOZ SÁNCHEZ, Minister of the Supreme Court of Chile, said Chile’s understanding of the need to increase women’s access to justice had improved over the reporting period, and legal instruments and rulings reflected this.  The Supreme Court of Justice had a technical secretariat on gender equality and a gender equality policy.  There had been rulings regarding cases of violence against women that dealt with abandonment and recognition of non-typical cases of violence, including the use of legitimate use of self-defence by women.  There had also been rulings on the rights of women deprived of liberty and rulings recognising non-binary gender, and alternatives to detention had been issued for pregnant women.  The judiciary had also implemented many measures to eradicate sexual harassment in the workplace.

    Statement by the National Human Rights Institute

    CONSUELO CONTRERAS LARGO, National Director, National Human Rights Institute of Chile, said Chile’s statistics on violence against women were not disaggregated based on ethnicity, location, age, disability, sexual orientation and migrant status; this needed to be done.  It was worrying that amendments to the conjugal partnership law and the anti-discrimination law had not progressed.  The gap in representation between men and women continued to be wide, especially in mayoral offices and in the Senate, where women made up only 17 per cent and 24 per cent of representatives, respectively.  There was no gender quota in municipal elections, and for parliamentary elections, the quota would be in force only until 2029. 

    Difficulties in reporting violence and accessing care for minority women were concerning. There was a low number of personnel responsible for investigating trafficking in persons in the investigative police.  It was also worrying that only 15 universities offered training in gender violence, women’s rights, and gender perspective, and there was no discussion in Congress about comprehensive sex education in the school curriculum. 

    Gaps in wages and employability of men and women remained, while unemployment rates continued to be higher in women than in men.  The Institute was also concerned about barriers that hindered the provision of access to voluntary termination of pregnancy, including training and conscientious objection, and about the situation of pregnant women and women with children in prisons and the lack of progress on the bill prohibiting pretrial detention for such women.  The Institute was concerned about the lack of cultural relevance of policies for the prevention of violence against indigenous women.

    Questions by a Committee Expert

    MARION BETHEL, Committee Expert and Rapporteur for Chile, said that the Committee welcomed the efforts by the State party to disseminate the Convention and the ratification of the Optional Protocol in 2020.  Capacity-building efforts had reached over 46,000 public servants.  Had the State party established a permanent accountability mechanism regarding the Convention?  Was the Convention promoted in rural areas and had it been translated into indigenous languages? 

    The recent reform of the Constitution was a unique opportunity to advance gender equality and incorporate comprehensive protections for women’s rights.  However, this process had faced challenges.  What steps had been taken to anchor women’s rights in the Constitution? The Committee was concerned about discrimination targeting indigenous women and women of African descent.  What steps had been taken to amend the law on discrimination in line with the Convention?  How many cases had been tried under the law and what reparation had been provided to minority women?  What steps had been taken to address the law’s inadequacies?

    The availability of legal assistance for minority women remained insufficient.  How was the State party addressing this?  What training was being provided on gender equality and support for women for members of the judiciary?  Did training provided for the police and prison service improve access to justice for indigenous women, and how was gender mainstreaming being incorporated in the judiciary?

    Ms. Bethel welcomed that the Convention had been invoked in court rulings.  The State party needed to collect disaggregated data to inform public policy on gender.  What had been the impact of the work of the Intersectoral Working Group on the Rights of Indigenous Women?

    Responses by the Delegation

    The delegation said Chile was committed to addressing gaps in monitoring the implementation of the Convention. The State party was making use of the “SEMORE” system, which collected data on the implementation of human rights treaties.  A mechanism had opened that allowed civil society to monitor the implementation of the Convention and a gender budgeting system would soon be implemented.

    More than 33,000 public servants had received training on gender equality.  The State was collaborating with the local office of the United Nations High Commissioner for Human Rights to strengthen training on the Convention for public officials.  Between 2022 and 2024, around 7,500 members of the judiciary took courses on gender issues and more than 900 members of the investigative police had also received such training.  From this year, all criminal and family judges were required to undergo mandatory training on violence against women, and prosecutors also underwent training on the Convention.

    The judiciary provided defence for all individuals.  There were specialised defenders for indigenous women and intercultural communicators who supported these women.  A bill to reform the Anti-Discrimination Act addressed shortcomings in the legislation and the need to compensate victims; this bill had been rejected, but work was underway to reform it so that it could be passed.

    The Government was working to establish institutions, roadmaps and training programmes to promote the rights of indigenous women.  The judiciary had a handbook of good practices related to gender, and a repository of judgements related to gender had been published.  More than 11,000 judgements had referenced the Convention, including 8,000 judgements by family courts.

    The Sub-Commission on Gender Statistics had established a standard on statistics on gender identity.  Upcoming surveys on gender-based violence would cover rural areas.  The new national census would include questions on gender identity, ethnicity and other characteristics.

    Questions by Committee Experts 

    A Committee Expert congratulated the State party on the creation of the Ministry for Women and Gender Equity. What percentage of the national budget had been devoted to gender institutions in the last three years? How did the State party ensure compliance by public officials with the Convention?  What was the mandate of the National Service for Women and Gender Equity? How was the Women’s Ministry empowered to influence other ministries, institutions and the media?

    The fourth national action plan on equality between men and women was commendable.  What budget had been attached to the plan and what achievements had it made?  Were issues concerning disadvantaged women integrated into national priorities? What measures were in place to monitor the implementation of the plan?

    MARION BETHEL, Committee Expert and Rapporteur for Chile, commended the State party for its use of temporary special measures in promoting the representation of women in political bodies.  There was an absence of temporary special measures to promote the rights of disadvantaged women in other areas, however.  What groups of women had been targeted by temporary special measures and what steps had been taken to guarantee women’s rights in the economic recovery plan?  How were temporary special measures being used to address gender stereotypes and promote women’s access to employment?

    Responses by the Delegation

    The delegation said the National Service for Women and Gender Equity promoted gender equality and women’s empowerment in various areas.  The budget for the Service had been increased in recent years, and its programme to combat violence had been strengthened.  Its activities reached more than 150,000 women, preventing violence and promoting women’s political participation.

    Almost 46,000 members of the police service had received training on human rights and gender, including over 500 directors of the police force.  The share of women applying for posts within the police had increased to 40 per cent. 

    The Women’s Ministry had participated in drafting the post-pandemic economic recovery plan in 2022, incorporating gender perspectives into the plan.  The rate of female integration in the workforce had increased by two per cent since the implementation of the plan.  Subsidies were provided to employed women to access childcare, and structures providing care for the elderly had been strengthened to alleviate women’s care burden.  The childcare system had been reformed to increase access for marginalised women.

    The labour inclusion law had helped to double the number of women with disabilities who had access to the labour market.  There was currently a record number of women in construction in Chile.

    Questions by Committee Experts 

    MARION BETHEL, Committee Expert and Rapporteur for Chile, said there was a lack of temporary special measures for indigenous women, lesbian, bisexual, transgender and intersex women, and other disadvantaged women.  Was the State party working to create these?

    ANA PELÁEZ NARVÁEZ, Committee Chair, asked how the State party ensured access to justice for vulnerable women.  Could indigenous women use their own languages in court?  What measures were in place to protect girls in the justice system?  How did the State ensure access to its national surveys for indigenous women, girls and women with disabilities? 

    Responses by the Delegation

    The delegation said the Government was drafting a law on access to justice for gender-based crimes.  The judiciary had training programmes on gender and sexual diversity and there had been an inclusion protocol developed for the lesbian, gay, bisexual, transgender and intersex community.

    The Government was working to ensure access to social programmes for marginalised groups of the population. Community care centres had been set up in rural areas to support the care burden for indigenous peoples. Information on sexual and reproductive rights was being provided to indigenous women in different indigenous languages and in Braille.  The national census was made available in the main three indigenous languages.  A law had been passed to recognise Chilean people of African descent, and the Ministry of Women had a body working to promote the rights of women of African descent.

    Questions by Committee Experts 

    A Committee Expert welcomed that Chile’s domestic legislation needed to be interpreted in line with the international human rights treaties ratified by Chile, and commended the State party’s efforts to address historical wrongs against women.  How was the State party advancing space exploration led by women and addressing the threats posed to women by autonomous weapons systems?  How would the State party incorporate women peacebuilders within its national action plan on women, peace and security?

    Technology-assisted violence disproportionately affected women.  How was the State party addressing algorithmic biases against women in artificial intelligence models?  The State had impressive laws on violence against women and femicide.  What was the reparation regime for femicide?  How did the State party monitor the implementation of the law on workplace harassment and prevent reprisals against women who reported it?  The State party needed to immediately promulgate the law on consent for sexual relations.  Was the monitoring mechanism for discrimination against HIV-positive people still in place?  Did the media law prohibit gender stereotyping? 

    Trafficking remained a problem in Chile. There were around 20,000 illegal adoptions; the stealing of children was reportedly a lucrative business for criminal groups.  Children in child protection centres were at risk of trafficking.  What reparations had been provided for victims of illegal adoptions?  What measures were in place to support women and children who were at risk of trafficking?

    ANA PELÁEZ NARVÁEZ, Committee Chair, congratulated the State party on implementing the ruling of the Inter-American Court of Human Rights regarding reparation for the forced sterilisation of a woman.  Was forced sterilisation of women with disabilities common?  When would the State party criminalise this practice? How was the State party ensuring protection for girls who were wards of the State from institutional violence?

    Responses by the Delegation

    The delegation said women were included in Chile’s armed forces.  The Commission of Peace and Understanding between the State and the Mapuche people, which included Mapuche women, was striving to achieve peace and an end to conflict with the Mapuche.  Chile had had a feminist foreign policy since 2022, and a gender lens was incorporated into foreign aid activities.  Chile was focusing on including women in international peace negotiations, such as negotiations with Colombia.  The State party had included a gender dimension in the regulation of autonomous weapons and in disarmament efforts.

    There were differing opinions on the effectiveness of establishing a law on consent for sexual relations; negotiation on this act was ongoing.  Laws had been implemented that increased penalties for obstetric violence and the non-consensual dissemination of pornographic material.  The new comprehensive law on violence against women addressed obstetric violence.  Courts were providing compensation for moral harm caused by obstetric violence and failed sterilisation procedures requested by women.

    Chile was promoting the inclusion of women in science, technology, engineering and maths careers and there had been an increase in women taking up these careers.  The State party had passed a law that promoted the inclusion of women in the mining sector.

    The State had a new procedure for assessing international adoptions and was supporting investigations into the kidnapping of children.  One individual who had been kidnapped had been identified and reunited with their family. The State party was working to establish a genetic database to help reunite families and victims.

    Chile had not received complaints related to the forced sterilisation of persons with disabilities.  It had recently adopted a law that required free, prior and informed consent for sterilisation procedures.  The State party had created a special body monitoring girls, boys and adolescents who were wards of the State.  Protection measures were implemented as a last resort.

    Questions by Committee Experts 

    A Committee Expert commended the State party’s commitment to female diplomacy and representation in all decision-making arena.  Would the State party implement quotas for 50 per cent representation of women at all levels of government?  The Expert welcomed the definition of “political violence” against women in the State’s legislation.  Was there a system for implementing this legislation?  What measures were in place to promote gender parity in the private sector? Was there a system to assess the environmental and gender impacts of foreign policies?

    Another Committee Expert welcomed efforts to address statelessness, including the implementation of the Statelessness Convention and the granting of Chilean nationality to all people born on Chilean territory.  Many children were born on migratory routes in Chile, increasing their risk of statelessness.  How was the State party working to register the births of migrant children?  Could it provide statistics in this regard?  How was the State party promoting access to refugee status determination procedures?

    Responses by the Delegation

    The delegation said Chile’s feminist foreign policy included measures promoting the representation of women in the foreign service.  Around 24 per cent of Chile’s ambassadors were female, up from around 12 per cent in 2022.  The State was approaching gender parity in its diplomatic corps.  All Chile’s trade agreements had specific chapters on women. Chile had won a prize from the World Trade Organization for promoting gender equality through trade.

    There had been a rise in female participation in the Congress.  Quotas had been established for electoral lists.  Women were currently heading 13 different ministries, including ministries typically led by men.  Quotas were also being implemented in the regional elections that were currently underway.  A tool had been developed to support women wishing to run for election.  The Government had recognised political violence as a form of discrimination.  The Electoral Service was developing clear standards on this form of violence.

    Currently, all children born on migratory routes had access to Chilean nationality.  The State project on statelessness had allowed for the provision of nationality to around 100 children.  The law on immigration respected the best interests of the child. A draft law had been developed to provide nationality to children who did not have identity documents.  The State party worked to prevent refoulement of migrants.

    Questions by Committee Experts 

    A Committee Expert commended the educational reforms implemented by the State party.  What strategy did the State party have to prevent the dissemination of gender stereotypes in education?  What redress systems were in place for victims of discrimination within education? What monitoring was in place to ensure that the language policy empowered and did not stigmatise indigenous children?  What temporary special measures were in place to promote access to education for minority girls? 

    Had the State party developed disability-friendly learning environments and promoted inclusive education?  What was the rate of return for girls who left the education system early?  How did the State party’s science, technology, engineering and maths education programme address structural barriers to women accessing careers in this field?  The reproductive health education programme started in the second education cycle and was not compulsory.  Would the State party make the programme compulsory, continuing and age appropriate?

    Another Committee Expert commended the State party’s gender parity initiative, the law to reduce the maximum weekly working hours, and the law to implement International Labour Organization Convention 190.  The gender pay gap persisted in the State party.  What measures would the State party take to address the gap, particularly in higher paying positions?  The labour participation rate for women was 48.1 per cent in 2021.  What measures were in place to increase the rate and eliminate horizontal and vertical discrimination against women in the workplace? How was the State party promoting women’s participation in the digital economy, and the employment of marginalised women?  How were self-employed women and domestic workers supported to access State benefits? What efforts had been made to promote the equal sharing of household responsibilities between men and women? Could data on this be provided?

    Responses by the Delegation

    The delegation said Chile had developed a draft bill on schooling that addressed discrimination within the educational community.  The bill was currently being assessed by Congress.  National days on non-sexist education had been held; over 450,000 children and parents had participated.  The admission system for higher education had been amended to support women’s access.  Textbooks had been updated to remove gender stereotypes.  The Government was also working to discourage violence in educational settings.  There were seven possible programmes for sex education, and schools could choose which programme they provided.  The State party planned to develop a bill that would improve the quality of sex education.  Educational institutions were being provided with guidance to implement inclusive education for children with disabilities.

    Between 2022 and 2024, women’s wages had increased by six per cent, and employment rates for women had returned to pre-pandemic levels.  The gender wage gap had decreased from 25 per cent in 2022 to 23 per cent in 2023. Most trade unions had greater participation of women than men.  Regulations had been implemented that allowed for shorter working hours for workers with children.  The number of days that parents could have off when their children were sick had been increased from 15 to 30.  Chile’s legislation established the joint responsibility of parents in caring for their children.  A programme had been developed to provide care for children in rural areas during holiday periods to allow their mothers to continue working.  This programme was now being expanded.

    Questions by Committee Experts 

    A Committee Expert said learners with auditory disabilities had complained that digital education portals were not accessible for them.  Had the State addressed this issue?  Each of the seven possible sexual health education programmes needed to be compliant with the Convention.  How many educational institutions had been fined for discrimination against girls?

    Another Committee Expert commended the State party’s initiative to decriminalise abortion on all grounds. The Committee was concerned by the high rates of teenage pregnancy and sexual abuse of teenage girls.  What was being done to prevent early pregnancies, sexual abuse of girls, and delays in processing of abortion requests?  Around 42 per cent of obstetric practitioners were conscientious objectors to abortion.  In rural areas, there were no alternatives if local doctors were conscientious objectors.  How was the State party addressing this?  Many women had experienced obstetric violence.  What support was the State party providing to ensure access to reparation for such violence?

    One Committee Expert commended the State’s pension and labour law reform.  Women’s unpaid working hours exceeded those of men by a large margin. Almost half of households were headed by women, many of which were impoverished.  There was a pay gap regarding pension payments for retirees. How was the State party preventing the widening of the gender wage gap and working to reduce the representation of women in the informal sector?  How would the State party correct the gender inequalities in the pension system and compensate women for unpaid care work?  Over 40 per cent of companies did not have women on their boards; how was this being addressed?

    What measures were in place to promote women and girls’ access to cultural and sporting activities, and to address discrimination against women in sports?

    Responses by the Delegation

    The delegation said Chile had seen a downward trend in teenage pregnancies since 2016, influenced by the free distribution of contraception.  To prevent the underground use of misoprostol, the State party was developing legislation that decriminalised abortion.  Under 10 per cent of health providers had conscientious objectors to abortions.  The State party supported the referral of persons seeking abortions to alternative abortion providers in cases of conscientious objection.  Conscientious objectors were required to provide abortions if there was a risk to the life of the mother.  Chile had amended legislation to require healthcare institutions to provide patients with information on their abortion rights in various languages.  Around 70 per cent of girls under 14 who requested abortions did so on the grounds of rape.  An early referrals programme had been developed to speed up their access to abortions.  Most family court cases concerning abortions for minors who had been raped were decided within two days.

    Coverage of the pension system had reached 80 per cent, increasing greatly in recent years.  The State party was implementing reforms to close the gender pension gap.  It had drafted a law towards this aim that was currently in its second reading.  A national survey was being carried out that assessed the distribution of domestic work responsibilities.  It would inform future support policies.

    Questions by Committee Experts 

    A Committee Expert asked if the State party had considered mechanisms to prevent backstreet abortions.  What support did the State provide to girls who underwent abortions?

    Another Committee Expert asked if girls aged 16 and over could access abortions in cases of rape.

    One Committee Expert asked about measures to support women entrepreneurs’ access to loans and credit.

    A Committee Expert asked about steps that had been taken to develop an action plan on rural women and girls that addressed their access to services and land.  Chile was the only country in Latin America that did not recognise indigenous peoples in its Constitution.  Would the State party establish a ministry of indigenous affairs, as the Committee had previously recommended? What measures were in place to guarantee the right to tenure and ownership of land for indigenous women? Women of African descent were not visible in the State party due to a lack of data. Not all women of African descent were recognised by the State party in its legislation; how would this be addressed?

    Another Committee Expert commended reforms that raised the minimum age of marriage to 18 without exception.  De facto early unions were still being carried out in Chile.  What measures were in place to identify such unions and to support their dissolution, particularly in rural areas?  How was the State party promoting access to adoption for same-sex couples?  What was the status of efforts to amend the marital regime and to educate the population in this regard?  How effectively were temporary protective measures implemented to protect women and children in cases of family violence?

    Responses by the Delegation

    The delegation said Chile planned to collect more data on people of African descent through its 2025 census. The Ministry of Women and Equity had implemented measures to support access to land tenure for indigenous peoples. There had yet to be progress on the draft law establishing a ministry of indigenous affairs; the Government would devote further efforts toward this aim.

    A national roundtable had been set up to support rural and indigenous women.  The roundtable had developed a programme to support access to water for these women.  There was also a programme supporting the development of rural and indigenous women as leaders.

    Amendments to the adoption law had been discussed for over 10 years.  The Government was working to establish a law that allowed for the adoption of children by same-sex couples.  Custody of children was not granted to violent parents.  Recent legislative reform defined children who experienced domestic violence as victims.  The State party was working to reform the marital property regime to increase women’s access to property in cases of divorce.

    Questions by Committee Experts 

    A Committee Expert said extractive industry activities had affected access to water in rural areas.  Would the State party strengthen environmental regulations to ensure that agribusiness activities did not negatively affect rural and indigenous women?  What steps had been taken to hold persons responsible for human rights violations occurring in the context of the 2019 protests?

    Another Committee Expert noted that a case had been brought before the Supreme Court in 2021 by two women regarding the shutting down of a power plant in Huasco.  What measures were in place to protect women in Huasco from pollution from power plants?

    Responses by the Delegation

    The delegation said a plan was being developed to gradually close power plants in Huasco and to provide reparations to persons who had been affected by pollution from these plants.  A draft bill had been put forward to address the loss of rural ecosystems caused by the activities of extractive industries.  A climate change adaption plan was also in place.

    Around 50 complaints had been brought against civil servants related to their actions in response to the 2019 protests, some of which had led to prosecutions.  Five of these cases involved female victims. 

    Concluding Remarks

    ANTONIA ORELLANA GUARELLO, Minister of Women and Gender Equity of Chile and head of the delegation, said the dialogue had been constructive.  The Committee’s inputs had been and would continue to be vital for the State party.  Chile was committed to implementing the rights of women in all their diversity. The State party had made progress but acknowledged that gaps remained.  The Committee’s recommendations would help the State party to move forward.  Chile would work to collect disaggregated data on women, achieve gender parity at all levels, increase access to abortion, promote the rights of older women and reform the pension system, and improve the situation of women deprived of liberty.

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that the dialogue had helped the Committee to better understand the situation of women and girls in Chile.  It would develop recommendations based on the dialogue to strengthen the implementation of the Convention for the benefit of all women and girls in Chile.

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW24.028E

    MIL OSI United Nations News –

    January 23, 2025
  • MIL-OSI Asia-Pac: India to play a role in making telecom services and digital connectivity available to emerging economies: Shri Goyal

    Source: Government of India

    India to play a role in making telecom services and digital connectivity available to emerging economies: Shri Goyal

    Seamless broadband connectivity across the country has made India the trusted partner of the world: Shri Piyush Goyal

    Innovation defines India growth story, world recognises India as a leader in democratising technology for the world: Shri Goyal

    Posted On: 15 OCT 2024 5:28PM by PIB Delhi

    Union Minister of Commerce & Industry, Shri Piyush Goyal said that India is all set to become a provider of telecom services and Indian companies will become providers of high security and quality technological equipment to emerging economies.

    During his address at the inauguration of World Telecommunication Standardization Assembly and 8th edition of India Mobile Congress today in New Delhi, the Minister expressed confidence that India in the future will lead international telecom supply chains and urged companies to find solutions to help take telecom to countries still behind in network connectivity. India has a role to play in making technology available in the Global South and in leading the world in fulfilling the Sustainable Development Goal (SDG) to make digital connectivity affordable across the globe. He added that  seamless broadband connectivity across the country has earned India the moniker ‘Trusted Partner of the World’.

    Commerce and Industry Minister highlighted India’s stable network connectivity across rural and urban areas as an achievement of the flagship ‘Digital India’ campaign launched by the Prime Minister Shri Narendra Modi in 2015. He hailed the Prime Minister’s foresight of using technology as an enabler for good governance, for providing business opportunities and as an enabler to expand the country’s economic activities. Shri Goyal said that India today thinks as one nation and attributed Prime Minister Shri Narendra Modi of ushering a change in the mindset of the youth and aligning the thought process of the entire country towards the nation’s development.

    Shri Goyal continued that making the digital push back in 2015 helped in continuation of essential services leading to seamless business activities across the country during Covid pandemic. When countries work with India, they are assured of high quality, affordability and cost effective solutions and are assured of uninterrupted business activities allowing companies to look up to India for their global capability centres (GCCs), he said.

    He noted that in terms of technological developments in telecom services like innovation, availability of equipment, services and data India is far ahead of developed countries. Of India celebrating World Standards Day yesterday, Shri Goyal said that the government is working towards making India a provider of quality goods and services. Everything that India does will have an imprint of quality defining the India growth story, he said.

    Alluding to the theme of the event “The Future Is Now”, the Minister said that India is contributing to not only its future but of the world and its offering of digital technologies plays an integral part in bringing the world as one family. He further stated that the entire ecosystem of digitalisation involving machine learning, artificial intelligence and data analytics has its imprint in India. India is recognised for its innovation, talent and the large market it provides. Innovation defines the India growth story and the world recognises India as a leader in democratising technology for the deprived and the whole world, he said.

    While paying his respects to Dr. A.P.J. Abdul Kalam on his birth anniversary, the Union Minister stressed that his pioneering work in cutting edge technology has been appreciated worldwide and his engagement with the youth will always remain a source of inspiration for the country.

    Shri Goyal praised the Telecom Equipment and Services Export Promotion Council (TEPC) for instilling confidence in making India self-reliant in technological achievements. He emphasised that India today is a different story as it has been able to launch 5G parallelly with the rest of the world and underlined that the country will be the leader in launching and developing 6G. He said that through the National Broadband Mission, every corner of the country will benefit from 5G technology.

    ***

    AD/VN/AM

    (Release ID: 2065022) Visitor Counter : 69

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI Asia-Pac: As part of Special Campaign 4, CGST Faridabad Commissionerate of CBIC reclaims office space by constructing a cafeteria and creche for employee welfare

    Source: Government of India (2)

    As part of Special Campaign 4, CGST Faridabad Commissionerate of CBIC reclaims office space by constructing a cafeteria and creche for employee welfare

    Zonal Member CBIC Shri Shashank Priya inaugurates creche and cafeteria at CGST Faridabad; participates in Swachhta Hi Sewa activity at Kendriya Vidyalaya, Faridabad

    Posted On: 15 OCT 2024 6:08PM by PIB Delhi

    The CGST Faridabad Commissionerate, in its commitment towards providing better working environment for officers and staff, developed a cafeteria and creche within the building premises by reclaiming two abandoned rooms filled with old records and used furniture. The efforts were carried out keeping in mind the focus of Special Campaign 4.0, which emphasises on weeding out old records and better utilisation of office space.

    Shri Shashank Priya, Member, GST, CBIC, and Zonal Member, inaugurated the cafeteria and creche in presence of Chief Commissioner Shri Manoj Kumar Srivastava, Shri Reyaz Ahmad, Commissioner, CGST Faridabad, and senior officers of CGST Panchkula Zone.

    The creche is named ‘Mukesh’ in the loving memory of Shi Mukesh Kumar, IRS (C&IT) 2014 officer, who lost his life during COVID-19 Pandemic. The officer worked as Deputy Commissioner with CGST Faridabad for more than two years. His parents were also present at the inauguration of the creche.

     

    Shri Priya lauded the efforts of the commissionerate towards employee welfare which will boast their morale and help in better tax administration.

    Both cafeteria and creche have been made possible with the welfare funds provided by Directorate General of Human Resource Development, CBIC. The cafeteria provides a clean and healthy dining experience to the employees and would offer food at reasonable rates. The creche would help employees to now keep the kids within their own office premises. The creche will not only help bridge the gap of physical distance between the parents and the infants, but will also strengthen their emotional bond.

    As part of Swachhta Hi Sewa, 2024, during the visit Zonal Member also visited Kendriya Vidyalaya, Faridabad to handover a water cooler, RO filter, eco-friendly dustbins, grass cutting machine etc. to the school. It is pertinent to note that during Special Campaign 3, Shri Priya had visited the school on October 2, 2023 and these items were requisitioned by the school. CGST Faridabad in its commitment towards Swachh Bharat has fulfilled the request of the school and provided the items out of Swachhta funds.

     

    Shri Priya also planted a sapling at CGST Faridabad under the Ek Ped Ma Ke Naam campaign of the Government of India.  

    ****

    NB/KMN

    (Release ID: 2065058) Visitor Counter : 92

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI: Silvaco Announces Preliminary Unaudited Revenue for Q3 and Updates Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced preliminary unaudited revenue results for the third quarter 2024 and updated its outlook for the full year 2024. The Company will report its full third quarter 2024 earnings results and hold a conference call with an earnings presentation on November 12, 2024.

    “Similar to trends observed across the semiconductor industry, we saw a decline in orders from Asia during Q3 primarily driven by economic challenges and the ongoing strain in U.S.-China trade relations. Accordingly, we are adjusting our expectations for the remainder of the year,” said Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We remain confident in our long-term strategy and continue to believe we will be able to achieve double-digit long-term revenue growth driven by our proprietary platform and solutions, examples of which are described in our recent press release of September 24, 2024, alongside our ability to effectively capitalize on strategic acquisition opportunities.”

    Preliminarily, the Company expects total unaudited revenues for the third quarter 2024 to be approximately $11.0 million, not including a large order of approximately $5.0 million, which was expected in the third quarter of 2024, but was received in the first week of the fourth quarter of 2024. This order is included in our full-year guidance for bookings below and is expected to contribute to the Company’s fourth quarter of 2024 revenue. Preliminary results are unaudited, subject to completion of the Company’s financial reporting process, based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the third quarter 2024.

    In addition, based on current business trends and conditions, the Company is updating its expectations regarding the full year 2024, as follows:

      Previous Full Year 2024 Guidance Updated Full Year 2024 Guidance
    Gross bookings $67 million to $71 million $64 million to $67 million
    Revenue $63 million to $66 million $60 million to $63 million
    year-over-year growth 16% to 22% 10% to 16%
    Non-GAAP gross margin 85% to 89% 85% to 87%
    Non-GAAP operating income $8.0 million to $11.0 million $5.0 million to $8.0 million
         

    This updated guidance represents Silvaco’s current estimates of its operations and financial results as of October 15, 2024. The financial information above represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin and non-GAAP operating income. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, and GAAP operating income is the most comparable GAAP measure to non-GAAP operating income. Non-GAAP operating income differs from GAAP operating income in that it excludes items such as certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges and executive severance costs. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin or GAAP operating income or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income guidance to GAAP gross margin or GAAP operating income, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

    Q3 2024 Conference Call Details

    A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

    Date: Tuesday, November 12, 2024
    Time: 5:00 p.m. Eastern time
    Webcast: Here (live and replay)

    About Silvaco

    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

    Safe Harbor Statement

    This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

    These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

    A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and its adversaries including Hamas and Hezbollah and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; and (w) our use of the net proceeds from our initial public offering.

    It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

    Discussion of Non-GAAP Financial Measures

    We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross margin, and non-GAAP operating income (loss). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

    We define non-GAAP gross margin as our GAAP gross margin adjusted to exclude certain costs, including stock-based compensation and amortization of acquired intangible assets. We define non-GAAP operating income (loss) as our GAAP operating income (loss) adjusted to exclude certain costs, including certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges, and executive severance costs. We monitor non-GAAP gross margin and non-GAAP operating income (loss) as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

    Certain of the items excluded from our non-GAAP gross margin and non-GAAP operating income (loss) are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and our competitors less meaningful. We adjust GAAP gross margin and GAAP operating income (loss) for these items to arrive at non-GAAP gross margin and non-GAAP operating income (loss) because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross margin and non-GAAP operating income (loss) provide meaningful supplemental information regarding our performance.

    We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

    Investor Contact:
    Greg McNiff
    investors@silvaco.com

    Media Contact:
    Tyler Weiland
    press@silvaco.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI Economics: DDG Paugam: Aligning carbon measurement standards key to future of global trade

    Source: World Trade Organization

    Ladies and Gentlemen,

    It is an honour to be here with you today.

    Thank you to Edwin for the invitation and for our ongoing partnership.

    The topic that you have chosen today, that of aligning CO2 measurement, represent one of the most important keys to the future of globalisation and the world trading system. You may think that I am grossly exaggerating my point but I am not. Let me tell you why.

    Ladies and Gentleman, about 30% of steel products are traded internationally so you would know it first hand: globalisation and the World Trading System, as proxied by World Trade dynamics, have proved impressively resilient over recent years.

    We went through two major global macro-economic crises: the 2008 financial crisis and the 2020 pandemic. With very different root causes, both had a major recessive impact on world trade and stirred some protectionist tensions. Yet trade bounced back each time and globalisation has continued its expansion. While there is a debate about the dynamic of trade in goods, which has seemed to slow down during the last decade, there is no such debate about trade in services, including of course services to industry, which has been continuously expanding, growing about 15-fold between 1990 and 2019. For the foreseeable future we anticipate a steady growth of world trade, “Steady not Stellar”, as the Chief Economist of the Allianz Group nicely sums it up, around 2.7% in 2024 and 3% in 2025.

    Yet globalisation also faces some significant pitfalls, which have a potential to rock the world trading system: geopolitical tensions, strategic industrial autonomy, and climate and sustainability policies are the names of these challenges.

    We see that geopolitical tensions, and the rise of national security concerns in international trade, represent a growing threat and a source of increased trade costs, especially for transport and logistics. Related to that, but also responding to more classical competitiveness concerns, we see that industrial policies and policies of strategic autonomy are generating other types of tensions: for instance, the discussions around supply chain resilience, overcapacity, and subsidies and trade defence that the steel sector is historically very familiar with. Please do not get me wrong here:  I am not being judgmental or discussing the political legitimacy of these trends, I am just stating facts which have an influence on trade flows. 

    The third challenge to globalisation comes from sustainability and climate policies that countries are implementing in the framework of implementation of the Paris Agreement and other environmental agreements. In the fight against climate change, some countries mobilize carbon pricing strategies, others resort to subsidies or regulations, and several of them combine a mix of all these instruments.  

    These policies are not only needed and welcome but must be intensified and accelerated. Yet, countries could do globally a better job in trying to coordinate them and minimize negative trade spill-overs to others. Some developing and LDC Members have raised concerns about the rise of unilateral environmental measures, which can exclude their exporters from value chains, and called for technology transfers to meet these increasing stringent climate measures.

    The Members of the WTO have started to recognize these challenges and several of them are calling for renewed discussions about climate-related trade policies. The key concept that some of them put forward is “interoperability”. How to make different policies interoperable so as to minimize their adverse impact on trade flows and foster the investments in decarbonization of the value chains.

    This is where the challenge on carbon emission measurement emerges as a central task.

    Because to meet the objectives of the Paris Agreement, whatever the mix of instrument countries choose, they will need to measure their impact in terms of emissions reduction. And of course, this brings to the fore a very thorny issue of equivalence among the different regimes. At the WTO Secretariat we have been advocating for a Global Carbon Pricing approach. On these grounds we convened an interagency task force, along with UNCTAD, UNFCCC, OECDE, IMF and World Bank on this topic and we are coming this week with a first report which aims at reviewing the interactions between all these policies.

    Also, because even if they choose the same policy instruments, say, for instance, a carbon tax, they will need to compare the tax bases used to establish equivalence and avoid double taxation. This will involve alignment of carbon measurement standards and emissions calculation methodologies.

    Of course, the same is true for businesses themselves, which are confronted to multiple reporting and regulatory requirements. This is true especially in heavy industry sectors like steel, which are facing mounting pressures from governments, shareholders, and consumers. According to McKinsey, “global demand for low-CO2 steel is expected to grow tenfold over the next decade from approximately 15 million metric tons in 2021 to more than 200 million metric tons by 2030”. The LEADIT Green Steel Tracker is following more than 60 active green steel projects around the world.

    Here is the heart of the challenge that we face: if we can align carbon measurements, we will be able to reasonably guarantee the integrity of the world trading system; if we can’t we are entering dire straits. Not only for trade, but also for climate and sustainability.  Because a fragmentation of world trade would immediately lead to inefficiencies and losses of specialisation benefits and economies of scale which would in their turn weaken the struggle against climate change.

    As our economies become greener, and market access increasingly depends on sustainability criteria, the measurement of environmental performance will become the gateway to globalisation.

    So where do we start? One problem is that there is not really one single place where this question is being globally discussed. Another one is that businesses, not governments, are the one who finally can and must do the measurement and the investments needed for decarbonization.

    This is the reason why we, WTO Secretariat, have embarked in a dialogue with you, in businesses, as well as international standards organisations, professional associations, customers and NGOs.

    The WTO is uniquely positioned to help address these coordination and cooperation challenges. We are not a standards-setting body, but we are a forum where nations can come together to discuss how to make their policies fit for purpose and avoid trade frictions. By ensuring transparency, facilitating dialogue, and fostering cooperation on issues like carbon pricing, green subsidies, or emissions measurement standards, we can help create a global trading environment that supports decarbonization

    The WTO Secretariat dialogue with the steel sector and Worldsteel on CO2 measurement is driven by the will to demonstrate in concrete terms that global trade can be an enabler of the green transition.

    The work on “Steel Standards Principles,” which was launched at last year’s COP in Dubai, is the best example of collaboration in this direction. These principles aim to align the way emissions are measured in the steel sector. From our dialogue and the impressive work that World Steel has achieved over this year, I believe there is a path to deliver meaningful outcomes for COP29 in Baku.

    If we can get this right, it will show that steel industry decarbonization and trade can work hand in hand for a greener and more prosperous future. By working together — governments, industries, associations, and international organizations — we can ensure that trade accelerates decarbonization.

    This is absolutely pioneering work. This is absolutely central to the future of globalisation. Other sectors are watching. WTO Members are watching.  Do give them some surprises in Baku!

    Thank you for your kind attention.

    Share

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI Australia: Inflation Expectations – Why They Matter and How They Are Formed

    Source: Reserve Bank of Australia

    Introduction

    I would first like to pay respect to the traditional and original owners of this land, the Gadigal people of the Eora Nation, to pay respect to those who have passed before us and to acknowledge today’s custodians of this land. I also extend that respect to any First Nations people joining us here today.

    A low and stable inflation rate is critical to preserving macroeconomic stability. Having a good idea of what’s going to happen to prices allows businesses to plan for investment and expansion. It also makes things like budgeting and financial planning easier for households. This is particularly true for those on low incomes, who typically have smaller financial buffers than others and spend more of their income on essentials. And with more stable household and business balance sheets, the financial system is more stable.

    The experience of the last few years has clearly highlighted this. Everyone across the economy has felt the increased cost of living. This is very clear in the data we monitor, such as household spending, but it’s perhaps more apparent in survey metrics such as consumer confidence, which remains much lower than its pre-pandemic average (Graph 1). So there are a number of good reasons to bring inflation down and keep it at a low and stable rate.

    In addition to the tangible impact of elevated inflation today, central bankers often note that they want to make sure that inflation expectations remain anchored. But why is this the case? And what impact do current inflation outcomes have on expectations?

    Why do inflation expectations matter?

    Macroeconomists generally think that a prerequisite for consistently achieving low and stable inflation over time is well-anchored inflation expectations. That is, people across the economy believe inflation will generally average a low rate (in Australia’s case, 2–3 per cent), and they make decisions based on this underlying belief that becomes self-reinforcing. Indeed, this is a key lesson from economic history; there are multiple episodes that demonstrate the damage de-anchored expectations can cause, and the policy effort and welfare costs associated with re-anchoring them. Türkiye’s current experience is just one example (Graph 2).

    So why do expectations matter at all when it comes to economic outcomes? We think they matter because people don’t just make decisions based on what is happening today, they also factor in what they think will happen tomorrow. In other words, inflation expectations are at least partly self-fulfilling.

    For example, our decision over how much to save for retirement today is determined by how much income we think we’ll need once we stop working, and this is partly influenced by what we think will happen to prices between now and then.

    In addition to changing the behaviour of households, inflation expectations also directly feed into all of the decisions firms make – for example, over capital investment, pricing and staffing. One way this occurs is through the wage-setting process (Graph 3). This could be workers, or their union representatives, bargaining for higher wages if they think inflation will be higher. Or it could be firms’ expectations of higher future prices giving them the confidence to offer higher wages today to attract workers.

    And given that this is an investment conference, I’d be remiss not to mention how important inflation expectations are to the domestic and international portfolio allocation decisions made by financial market participants. These expectations then feed into long-term interest rates, exchange rates, and the prices of assets in our superannuation funds and all other investment portfolios. In short, inflation expectations are a factor in pretty much every economic decision that’s made every day.

    The fact that expectations feed into actual inflation outcomes means de-anchored expectations typically leads to greater inflation volatility (Graph 4). Volatility breeds uncertainty, and uncertainty makes decisions harder for everyone. As a business, how do you decide when it’s right to invest if you’re less sure of the financial returns? And to go back to the example of households deciding how much to save for retirement or to buy a home, a bout of unexpectedly high inflation is very hard to plan for. Both the effort required to make decisions with uncertainty, and that some otherwise good decisions will not be made, makes us all worse off.

    Tracking inflation expectations

    Given the enormous damage that such de-anchoring can cause, and that policy can be enacted more flexibly while expectations remain anchored, the RBA Board is constantly alert for signs that this risk might emerge here in Australia. It does that by tracking a range of inflation expectations measures, including multiple financial market measures, and surveys of households, unions and professional forecasters. That analysis indicates that inflation expectations have not become de-anchored through the current high-inflation experience (Graph 5).

    So we’re not currently concerned that expectations could become de-anchored in the near term. But we do think it’s important that we track how they’re evolving and that we understand how expectations are formed, so we can monitor whether there are any signs of this risk materialising in the future.

    As I’ve already alluded to, there are a number of different groups across the economy, and each plays a part in determining aggregate macroeconomic outcomes. To understand what’s happening to expectations, we therefore need to understand how different groups form their inflation expectations, as they each play critical roles in determining how the economy evolves over time.

    For consumption/savings decisions, households’ own expectations matter the most. For wage bargaining and competition for labour, unions’ and firms’ expectations likely matter most. And when it comes to how inflation expectations feed into long-term interest rates, it’s the financial markets’ expectations that matter.

    In short, given the importance of inflation expectations as a driving force of many economic decisions, we need to understand how all of the different groups across the economy form their inflation expectations so that we can do our best to keep them anchored.

    So today I’m going to discuss some of the latest research in this area, which we have conducted ourselves and in partnership with our colleagues in academia. This includes a Research Discussion Paper that has been released in parallel with this event, which explores some of the points below in more detail – I encourage you all to have a look at my colleagues’ work.

    The presentation I am giving today draws heavily on a presentation at one of the first ‘Policy Issues Meetings’ with RBA Board members earlier this year. As previously highlighted by Governor Bullock, these meetings:

    … assemble a group of staff with the right experience and expertise to give the members insights and diversity of perspectives on the key issues relevant for policy. It will provide analysis of issues that are relevant to a few upcoming [Board] meetings, not just the immediate one.

    These new meetings have been very well received by Board members. They have appreciated the opportunity to explore policy-relevant topics in more depth and to meet with more of the staff that are engaged in the work. In turn, staff have valued the additional engagement with their work, so it’s been a clear win-win.

    For most of this speech, I’ll be focusing on household and union expectations, and mostly on short-term expectations. In the past, how these groups form expectations has been less well-understood, and this is why we’ve focused our latest research here.

    But before turning to unions and households, it is worth mentioning that we have a reasonable understanding of how financial markets form expectations. Financial markets efficiently incorporate signals about the likely future direction of inflation into market prices; by taking active positions that are contingent on economic outcomes, it’s no surprise that market participants keep themselves very well-informed about what’s happening. From these prices, we can discern whether their short- and long-term expectations remain anchored to the RBA’s inflation target.

    To understand how households and unions form their expectations, we’ve collaborated with academic colleagues to develop a very general model approach that we’ve then applied to different data series. The model assumes that some people form their expectations by extrapolating from their previous experience. That is, they assume that their experience of price increases in the past are a good guide for what they’ll experience in the future. The model also assumes that some people build on this and take account of forward-looking information as well. For example, they might expect to see a sharp increase in grocery prices in the future if it’s reported that the harvest has been poor.

    The first iteration of the model was run through to around the middle of the pandemic. The graph shows the fit of the model to actual data. In the grey lines are unions’ one- and two-year-ahead expectations, and households’ one-year-ahead expectations (Graph 6). And then the blue lines are the model estimates of each of these.

    We think the model did a reasonable job over the historical period. Especially for unions, where the model pretty much captured every major wiggle in their expectations.

    We’ve learned a lot from this process, but there are three key insights that I want to highlight:

    1. We estimate that around three-quarters of households and unions form their expectations by extrapolating from their lived experience. That is, they observe what inflation was yesterday and compare it to what they expected. Every time inflation turns out higher than what these people expected, they partially adjust their expectations up.
    2. This extrapolation process happens a lot slower for households than it does for unions. That is, households only adjust their expectations a small amount each time they are surprised. As a result, inflation has to be persistently higher or lower than previously expected for expectations to change significantly.
    3. The remaining one-quarter of unions and households don’t just extrapolate, they incorporate a lot more of the broader economic information available to them (beyond inflation outcomes themselves) to make forward-looking judgements about where inflation is likely to go. In principle, this is similar to the RBA’s forecasting process – we look at past outcomes and forward-looking indicators to assess how we think inflation will evolve from today.

    Of the roughly 25 per cent who take on board additional information, this could come from a number of different sources. To carry on my groceries example from earlier, in 2011 this group might have expected that banana prices would shoot up in the months after Tropical Cyclone Yasi struck northern Queensland, given the reporting of the damage to that year’s crop. Or this group could be looking at economic forecasts – including the RBA’s – to get a sense of where inflation may be heading.

    With this better understanding of how people form their inflation expectations, we can now assess how they have evolved recently, relative to what the models expected they would do.

    Less extrapolation recently could reflect greater attention to inflation or recognition that the recent episode is temporary

    The orange line is the model’s prediction for how inflation expectations would evolve during the recent high-inflation period (Graph 7). While inflation was rising, expectations were evolving in-line with the model’s output. But the model suggested that the turning point in expectations would come later. So expectations are currently lower than our models thought would be the case.

    As best we can tell, the models missed the turning point because unions and households have been extrapolating less from the recent high inflation outcomes. The model attributes part of this to an increase in the share of people who take on board forward-looking information, from around one-quarter to over two-thirds for unions.

    This finding is consistent with a theory known as the ‘rational inattention’ hypothesis. The idea being that when inflation is low and stable, extrapolation from the past provides a reasonably accurate expectation of the future, so it is not worth paying more ‘attention’. Conversely, when inflation does not fit this pattern – for example, in the recent past when it was much higher – extrapolation might provide a poor forecast. So it is ‘rational’ for people to put more effort into thinking about where inflation will head next.

    Another finding from the model is that those who use previous inflation to form their expectations, that is they use yesterday’s experience to guide today, have been adjusting their view more slowly in recent years. A possible reason for this is that some people have seen the recent experience as atypical and so don’t expect it to continue – given the nature of the shocks (the pandemic and then the conflict in Ukraine), it’s easy to understand this. So while this group only use previous inflation outcomes to form their expectations, they do appear to adjust how much weight they put on specific outcomes to take account of broader economic conditions.

    Unfortunately, these are just plausible hypotheses at this point, we don’t have enough evidence to be definitive. If once inflation sustainably returns to the target band expectation formation reverts to how it was before the recent episode, that would provide further evidence in favour of these hypotheses. But more importantly, it would give us comfort that in future inflationary episodes, expectation formation might similarly change in a way that mutes the increase in expectations.

    Another possible explanation is that some more ‘salient’ prices have evolved differently to average prices

    In everything I’ve shown so far, we assume that the price increases that matter most are the ones that people spend most of their money on. Which is exactly how the Consumer Price Index, or CPI, is constructed.

    But that might not be how people extrapolate from what they have previously observed to form their expectations. Our lived experience is that we ‘see’ some prices much more frequently than others, and that some price changes are more noticeable than others.

    Prices that change regularly or that people pay often may be particularly influential when people form their expectations – they’re more visible, and they could be seen as a proxy for what’s happening to all prices across the economy. These are known as salient prices.

    While there are some obvious candidates for prices that may be salient – such as fuel, groceries, rent, and energy prices – determining how salient they are has unfortunately proven difficult.

    The strongest result we have obtained is with respect to petrol and diesel prices – that is, the prices you see changing every day when you drive past a petrol station or fill your car up. For other potentially salient prices, whether or not our models identify them as salient depends on the various other modelling decisions that are made. But for fuel prices, it doesn’t seem to matter what you do to the model, these prices almost always show up as salient.

    Having said all that, allowing for fuel to be a salient price in the model does not significantly change the model’s estimate of inflation expectations most of the time. This occurs because fuel prices are volatile and households learn slowly. So it actually takes an extended period of fuel prices evolving differently to other prices before there would be a meaningful impact on expectations (according to the model).

    But that’s exactly what we have seen in the past few years (Graph 8). From the beginning of 2021 until mid-2022, fuel price inflation was much higher than average price inflation, increasing 61 per cent over this period. But for most of the period since then, fuel price inflation has been around its historical average, while much of the broader consumption basket has continued to experience above-target price inflation.

    So, for household’s expectations, accounting for the salience of fuel prices can at least partially explain why the simpler inflation expectations model presented earlier predicted that short-term inflation expectations would remain higher for longer.

    Conclusion

    To conclude, recent research has improved our understanding of how people form inflation expectations. As a result, we have been able to better analyse how expectations have evolved during the recent high-inflation period. And it’s a good news story with respect to expectations:

    • Short-term expectations appear to be converging towards long-term expectations, and these have remained anchored through the recent past.
    • There’s no evidence of expectations being more persistent than normal.
    • And there’s even some evidence of households and unions extrapolating less from recent inflation, at least during the period of higher inflation.
    • We need to be mindful of certain prices that may be particularly ‘salient’ for households. But such prices work in both directions, and recently have been working to bring expectations down faster.

    References

    Afrouzi H and C Yang (2021), ‘Dynamic Rational Inattention and the Phillips Curve’, CESifo Working Paper No 8840.

    Ampudia M, MJ Lombardi and T Renault (2024), ‘The Wage-price Pass-through Across Sectors: Evidence from the Euro Area’, BIS Working Paper No 1192.

    Anesti N, V Esady and M Naylor (2024), ‘Food Prices Matter Most: Sensitive Household Inflation Expectations’, CFM Discussion Paper Series CFM-DP2024-34.

    Bazzoni E, M Jacob, S Land, M Mijer, J Moulton and S Welchering (2022), ‘European Consumer Pessimism Intensifies in the Face of Rising Prices’, McKinsey & Company, October.

    Beckers B and A Brassil (2022), ‘Inflation Expectations in Australia’, The Australian Economic Review, 55.

    Beckers B, A Clarke, A Gao, M James and R Morgan (2024), ‘Developments in Income and Consumption Across Household Groups’, RBA Bulletin, January.

    Bernanke B (2013), ‘A Century of US Central Banking: Goals, Frameworks, Accountability’, Journal of Economic Perspectives, 27(4).

    Binder CC (2017), ‘Measuring Uncertainty Based on Rounding: New Method and Application to Inflation Expectations’, Journal of Monetary Economics, 90.

    Binder CC (2018), ‘Inflation Expectations and the Price at the Pump’, Journal of Macroeconomics, 58.

    Blinder AS (1982), ‘The Anatomy of Double-Digit Inflation in the 1970s’, in Hall RE (ed), Inflation: Causes and Effects, University of Chicago Press, pp 261–282.

    Borio C, M Lombardi, J Yetman and E Zakrajšek (2023), ‘The Two-regime View of Inflation’, BIS Papers No 113.

    Brassil A, C Gibbs and C Ryan (forthcoming), ‘Boundedly Rational Expectations and the Optimality of Flexible Average Inflation Targeting’, RBA Research Discussion Paper.

    Brassil A, Y Haidari, J Hambur, G Nolan and C Ryan (2024), ‘How Do Households Form Inflation and Wage Expectations?’, RBA Research Discussion Paper No 2024-07.

    Bullock M (2023), ‘A Monetary Policy Fit for the Future’, Australian Business Economists Annual Dinner, Sydney, 22 November.

    Bullock M (2024), ‘The Costs of High Inflation’, Keynote Address to the Anika Foundation Fundraising Lunch, Sydney, 5 September.

    Charm T, JR Saavedra, K Robinson and T Skiles (2022), ‘The Great Uncertainty: US Consumer Confidence and Behavior during Inflationary Times’, McKinsey & Company, August.

    Chin M and L Lin (2023), ‘The Pass-through of Wages to Consumer Prices in the COVID-19 Pandemic: Evidence from Sectoral Data in the U.S.’, IMF Working Paper No 2023/233.

    Chua CL and S Tsiaplias (2024), ‘The Influence of Supermarket Prices on Consumer Inflation Expectations’, Journal of Economic Behavior and Organization, 219.

    Coibion O, Y Gorodnichenko, S Kumar and M Pedemonte (2020), ‘Inflation Expectations as a Policy Tool?’, Journal of International Economics, 124.

    D’Acunto F, U Malmendier, J Ospina and M Weber (2019), ‘Salient Price Changes, Inflation Expectations, and Household Behavior’, June.

    De Fiore F, T Goel, D Igan and R Moessner (2022), ‘Rising Household Inflation Expectations: What are the Communication Challenges for Central Banks?’, BIS Bulletin, No 55.

    Haidari Y and G Nolan (2022), ‘Sentiment, Uncertainty and Households’ Inflation Expectations’, RBA Bulletin, September.

    Hambur J and R Finlay (2018), ‘Affine Endeavour: Estimating a Joint Model of the Nominal and Real Term Structures of Interest Rates in Australia’, RBA Research Discussion Paper No 2018-02.

    Kilian L and X Zhou (2022), ‘Oil Prices, Gasoline Prices, and Inflation Expectations’, Journal of Applied Econometrics, 37(5).

    Maćkowiak B, F Matějka and M Wiederholt (2023), ‘Rational Inattention: A Review’, Journal of Economic Literature, 61(1).

    Moore A (2016), ‘Measures of Inflation Expectations in Australia’, RBA Bulletin, December.

    RBA (2024), ‘Box A: Are Inflation Expectations Anchored?’, Statement on Monetary Policy, August.

    Reiche L and A Meyler (2022), ‘Making Sense of Consumer Inflation Expectations: The Role of Uncertainty’, ECB Working Paper Series No 2642.

    Sims C (2003), ‘Implications of Rational Inattention’, Journal of Monetary Economics, 50(3).

    Suthaharan N and J Bleakley (2022), ‘Wage-price Dynamics in a High-inflation Environment: The International Evidence’, RBA Bulletin, September.

    Wood D, I Chan and B Coates (2023), ‘Inflation and Inequality: How High Inflation Is Affecting Different Australian Households’, Working paper prepared for the RBA Annual Conference, Sydney, 25–26 September.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI: LeddarTech Announces Receipt of US$3.0 Million Following Disbursement of the Second Tranche of the Previously Announced Bridge Financing

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Oct. 15, 2024 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, for ADAS, AD and parking applications, announced today that the Company received the second tranche of the bridge loans (the “Bridge Loans”) in an aggregate amount of US$3.0 million, which are part of a bridge financing in an aggregate amount of up to US$9.0 million (the “Bridge Financing”) made available to the Company by certain of its principal shareholders, namely FS Investors (“FS”), Investissement Québec (“IQ”) and its senior lender, Fédération des caisses Desjardins du Québec (“Desjardins” and, together with FS and IQ, the “Initial Bridge Lenders”). The principal details of the Bridge Financing were announced by the Company on August 19, 2024.

    As previously announced, the Bridge Financing is comprised of two tranches, with the first tranche of US$6.0 million funded on August 19, 2024. The second tranche of the Bridge Financing, in an amount of up to US$3.0 million, was conditioned on the absence of a default under the Bridge Loans and the receipt by the Company of a commitment from a strategic investor of its intent to invest a minimum amount of US$5.0 million in a subsequent equity capital raise.

    In connection with the Bridge Financing, FS converted US$1.5 million of its existing convertible notes into common shares in the capital of the Company at an above-market conversion price of US$2.00 per share, reducing the convertible note balance by US$1.5 million. The Company also received additional Bridge Loans in an aggregate amount of approximately US$334,000 from certain members of management and the board of directors (collectively, the “Additional Bridge Lenders” and, together with the Initial Bridge Lenders, the “Bridge Lenders”) in accordance with the terms of the Bridge Financing.

    The Bridge Financing constitutes a “related-party transaction” within the meaning of Regulation 61-101 – Protections of Minority Security Holders in Special Transactions (“Regulation 61-101”) as FS, IQ and the Additional Bridge Lenders are all “insiders” of the Company under Canadian securities laws. However, in light of the fact that the Company’s board of directors (the “Board”) have determined that the Company is in serious financial difficulty, the Company is relying on the exemption from the formal valuation and minority shareholder approval requirements contained in Regulation 61-101 on the basis of the “financial hardship” exemption therein.

    After considering and reviewing all of the circumstances currently surrounding the Company and the Bridge Financing, the Board, including all independent members of the Board who are free from interest in the Bridge Financing and unrelated to the Bridge Lenders, acting in good faith, unanimously determined that (i) the Company is in serious financial difficulty, (ii) the Bridge Financing is designed to improve the financial condition of the Company, and (iii) the terms of the Bridge Financing are reasonable in the Company’s circumstances.

    The Bridge Loans have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable State securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable State securities laws.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sales of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 160 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at http://www.LeddarTech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the possibility that anticipated benefits of LeddarTech’s recent business combination will not be realized; (ii) the risk that shareholder litigation in connection with the business combination or other settlements or investigations may result in significant costs of defense, indemnification and liability; (iii) changes in general economic and/or industry-specific conditions; (iv) possible disruptions from the business combination that could harm LeddarTech’s business; (v) the ability of LeddarTech to retain, attract and hire key personnel; (vi) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties; (vii) potential business uncertainty, including changes to existing business relationships following the business combination that could affect LeddarTech’s financial performance; (viii) legislative, regulatory and economic developments; (ix) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak or escalation of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; (x) access to capital and financing and LeddarTech’s ability to maintain compliance with debt covenants; (xi) LeddarTech’s ability to execute its business model, achieve design wins and generate meaningful revenue; and (xii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”) and on the Company’s SEDAR+ profile at http://www.sedarplus.ca, including the risk factors contained in LeddarTech’s Annual Report on Form 20-F for the fiscal year ended September 30, 2023. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Daniel Aitken, Vice-President, Global Marketing, Communications and Investor Relations, LeddarTech Holdings Inc. Tel.: + 1-418-653-9000 ext. 232 daniel.aitken@LeddarTech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

    January 23, 2025
  • MIL-OSI USA: Governor and First Lady Justice celebrate Babydog’s fifth birthday, support GameChanger initiative

    Source: US State of West Virginia

    CategoriesEnglish, MIL OSI, US State Governments, US State of West Virginia

    Post navigation

    Visit Barboursville Middle School and John Marshall High School to mark the occasion

    WEST VIRGINIA — Gov. Jim Justice, First Lady Cathy Justice, and Babydog, commemorated a special milestone today as the beloved English Bulldog celebrated her fifth birthday.

    Known as a fan favorite across the state, Babydog has captured the hearts of West Virginians with her playful spirit and role as a cherished companion to the Governor.

    Babydog first gained statewide fame during West Virginia’s pandemic response, becoming a symbol of hope and positivity. Her popularity skyrocketed with the ‘Do It for Babydog’ vaccine sweepstakes, putting her front and center at major events in nearly every town across the state. 

    Since then, she’s been traveling the state with Gov. Justice, meeting countless West Virginians along the way.

    “I never thought I’d be traveling the state with an English Bulldog,” Gov. Justice said. “Babydog is a special part of my family, and sharing her with West Virginia has brought me so much joy. When she joined me during my COVID briefings, I hoped she could lift spirits during a tough time, and the response was beyond what I imagined. Now, she’s always by my side as we travel, and folks really get excited to meet her. Her presence brings so much happiness, and I’m so glad to celebrate her birthday with all of you.”

    “We have had such a great time today celebrating Babydog’s birthday with wonderful friends,” First Lady Cathy Justice said. “Babydog has become a big part of our West Virginia family, always bringing smiles and joy wherever she goes. Like Jim always says— she just loves everyone, and that’s really all you could ever ask for.”

    BARBOURSVILLE MIDDLE SCHOOL

    Gov. Justice, First Lady Justice, and Babydog kicked off the celebration at Barboursville Middle School, surrounded by 1,500 students, faculty, staff, and excited community members from Cabell County. 

    During the celebration, the Barboursville Middle School jazz band played, Gov. Justice honored the Class AAA boy’s golf team who won the 2024 state championship, and the Barboursville Elementary Choir, known as the “Pirate Crew,” performed a rendition of County Roads. 

    The Barboursville Mayor, Chris Tatum, presented a proclamation declaring October 15th as Babydog Day in Barboursville. 

    In closing, the students at Barboursville Middle School sang happy birthday to Babydog, gifted her a pirate hat to honor the school’s mascot, and presented a ‘Barkday Cake.’

    JOHN MARSHALL HIGH SCHOOL 

    The day concluded with Gov. Justice, First Lady Justice, and Babydog visiting John Marshall High School for her second birthday celebration.

    The students sang happy birthday, presented gifts, and showcased their talents with student-made artwork.

    The festivities coincided with a GameChanger initiative check presentation ceremony. As GameChanger Head Coach, Gov. Justice addressed students about the substance misuse prevention program following the premier of the film, ‘You Have What It Takes.’

    Additionally, Hartley Law Group presented GameChanger with a $30,000 check to expand the education initiative in Marshall County Schools.

    About GameChanger
    GameChanger is currently in 55 schools in 18 West Virginia counties. As a youth-led positive development and community enhancement initiative, GameChanger programming, designed in conjunction with the Hazelden Betty Ford Foundation, educates, supports, and empowers young West Virginians to live healthy, drug-free lifestyles while becoming our leaders of tomorrow.

    To learn more about the program, visit http://www.gamechangerusa.org.
     

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Boston Globe: Elizabeth Warren on why we need universal child care now

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    May 04, 2021
    In an essay adapted from her new book, the senator says the pandemic made it clear: The economy depends on child care and caregivers.
    In early April 2020, just as wave after wave of coronavirus cases were hitting the United States and hospitals in hot spots were worried about being overrun with sick and dying people, I set up a conference call with a big group of Massachusetts nurses. They were working long hours, there were no known COVID-19 treatments, and they were watching their patients die alone. I’d also heard terrible stories about the shortage of face masks and other protective gear. Let’s be clear: If nurses can’t do their jobs, then the whole health care system breaks down and all of America is at risk.
    I thanked the nurses and said I agreed with everyone in our country who had been calling them “heroes.” There were some polite responses, and then I asked the obvious question: What do you need so you can do your jobs? The first answer: child care. Another chimed in, saying, Yeah, we need child care. And then the dam broke, with the nurses talking over each other. The always-tricky and always-stressful task of arranging child care had become so much harder exactly at the moment when the need for these parents to be in the workforce was at its most desperate.
    Their employers saw the problem as well. And the same was true for other employers who were trying to keep their people on the front lines so that, say, grocery stores could stay open or bus lines would run. One in five of those who couldn’t work cited child care as the reason. Without adequate child care, an economy that was already under great strain faced the very real possibility of breaking down entirely.
    …
    Read full article here.
    By:  Senator Elizabeth WarrenSource: Boston Globe

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI USA: Washington Post: How to fix our rigged tax system

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    Now that the Senate has passed a budget resolution, we’re one step closer to realizing President Biden’s transformational agenda: a once-in-a-generation investment in child care and Medicare, combating climate change and other efforts that would actually make our government work for families. The other half of the package — how to pay for these investments — is equally important.

    The already huge gap between the 0.1 percent and everyone else is just getting wider. Billionaire wealth surged by $1.8 trillion from the early days of the pandemic through last month. The 400 richest Americans had more total wealth, as of 2019, than all 10 million Black American households, plus a quarter of Latino households, combined. Yet the ultrarich pay only 3.2 percent of that wealth in taxes, while 99 percent of families pay 7.2 percent. And scores of giant U.S. corporations pay zero.

    I’ve proposed measures that would raise more than $5 trillion in revenue — far more than we need to enact the Biden plan. Though not every Democrat agrees with every one of my ideas, Biden campaigned aggressively on a suite of progressive tax policies, and voters embraced these changes at the ballot box. No matter how loudly Washington lobbyists bleat otherwise, progressive tax policies are wildly popular. Americans understand that our tax system has been rigged to reward the rich and powerful at the expense of everyone else. So let’s fix it.

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI New Zealand: Malnutrition in women and girls costs $1.6 trillion annually: World Vision urges action for World Food Day

    Source: World Vision

    • Two thirds of children under five are living in food poverty in low and middle-income countries, with one in three living in severe poverty only consuming milk and grain every day
    • Girls are 40-50% more likely to die in infancy and childhood than boys because parents prioritise nutrition and medical care for sons over daughters 
    • Anaemia in low-and middle-income countries is costing women and girls $110 billion2 in lost productivity. Without the effects of stunting and anaemia, 15.8 million more girls would complete secondary school every year 
    • In NZ, there is an estimated loss of $897m in income from malnutrition
    • Ultra-processed foods now make up 80% of diets in high-income countries and 30% in middle income countries, adding additional complexity to a global nutrition crisis 
    • Without change more than three million girls will die in the next four years due to low birthweight and Vitamin A deficiencies.

    Malnutrition in women and girls costs the global economy more than $1.6 trillion annually in lost productivity, according to a disturbing new report from aid agency, World Vision.

    The report, Breaking the Cycle: Malnutrition’s Toll on Women and Girls, is launched ahead of World Food Day (October 16th) and underscores the urgent need for action to address a global nutrition crisis.  

    The research reveals that women and adolescent girls comprise nearly two-thirds of the world’s chronically malnourished, with more than one billion suffering from various forms of malnutrition.  

    World Vision New Zealand’s Head of Fragile and Developing Countries, Belinda Robb, says girls’ malnutrition weakens their immune system, heightens disease, and leads to higher mortality rates.

    She says it is a pervasive global crisis with far-reaching implications, affecting their education, future earnings, and increasing their likelihood to experience violence and stress.  

    “This report highlights the enormous costs of malnutrition to girls and women worldwide, and the urgency needed to address it. We need to invest in essential nutrition and address systemic issues in food production so we can enhance health, expand educational opportunities, and improve economic outcomes for millions of women and girls to ensure a healthier, more equitable future for future generations.”

    Currently, two thirds of children under five in low- and middle-income countries live in food poverty, with a third of these subsisting on a diet limited to milk and grain each day.  

    Robb says without significant intervention, hundreds of thousands of infants are expected to die from low birth weight, and 2.5 million girls could die due to Vitamin A deficiencies.  

    Globally, women face a higher risk of food insecurity than men, with a widening gender gap evident in Asia, North America, Europe, Latin America, and the Caribbean.  

    Undernutrition, micronutrient deficiencies, and anaemia predominantly affect women and girls in South Asia and sub-Saharan Africa. In some countries, the prioritization of nutrition and medical care for boys over girls reveals a tragic truth: girls are 40-50% more likely to die in infancy and childhood than boys.

    Globally, 30% of girls and women globally are suffering from anaemia, which has a wealth of negative health implications for women and girls. Maternal iron deficiency and anaemia can increase the risk of maternal death from haemorrhage, causes low birth weight in infants, and impairs child development. Anaemia also harms women’s productivity and their ability to generate income, reducing the health and quality of life for millions of women and future generations.

    Malnutrition, particularly anaemia, costs children and women $110 billion in lost productivity in low- and middle-income countries. Without the impacts of stunting and anaemia, an additional 15.8 million girls could complete secondary school each year.  

    World Vision’s Advocacy lead, Dana Buzducea, says many families turn to child labour to provide short-term economic relief, but this traps girls in a cycle of low-incomes and chronic food insecurity.

    “The number of people going to bed hungry and living with the long-term effects of malnutrition shot-up during the pandemic and have not dropped. This is after years of success in reducing hunger.  People who cannot feed their children are left with little choice but to leave their countries and seek survival elsewhere,” she says.  

    Buzducea says the nutrition crisis is not just an issue in low-income countries either.  Since the 1990s, poverty among girls has risen in more than half of OECD countries, trapping many in a cycle of poverty and malnutrition that threatens the next generation.  

    She says ultra-processed foods now make up 80% of diets in high-income countries and 30 per cent in middle income countries, causing a plethora of health issues.  

    World Vision is calling on governments, organisations, and individuals to unite in combating malnutrition and advocating for the rights and health of women and girls globally.  

    To help ensure a girl has the nutrition she needs to survive and thrive, visit: https://www.worldvision.org.nz/give-now/sponsor-a-child/#choose  

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI USA: Global refinery margins fall to multiyear seasonal lows in September

    Source: US Energy Information Administration

    In-brief analysis

    October 15, 2024

    Data source: Bloomberg L.P.
    Note: The 3:2:1 crack spread is an indicator of refining margins, the short-term profit margin for oil refineries, which generally produce about 2 barrels of gasoline for every 1 barrel of distillate fuel oil. To estimate the refinery crack spreads, regional crude oil benchmarks were used (Brent for New York, Los Angeles, and ARA; Light Louisiana Sweet for the U.S. Gulf Coast; West Texas Intermediate for Chicago; and Dubai for Singapore). ARA=Amsterdam-Rotterdam-Antwerp

    Refinery margins for petroleum refiners across the world are shrinking, indicating reduced profitability from refining crude oil and selling petroleum products. Declining margins are the result of relatively weak demand for petroleum products even as global refining capacity increases.

    Global refinery margins, measured by the 3:2:1 crack spread, have been less than their five-year (2019–23) averages since the spring and dropped even more in the late summer and early fall. The 3:2:1 crack spread is calculated by subtracting the price of 3 barrels of crude oil from the price of 2 barrels of gasoline and 1 barrel of distillate. This year, the September monthly average refinery margin fell to its lowest for the month since 2020, when there was significantly less transportation fuel demand because of pandemic-related reductions in travel.

    The recent drop in refinery margins is a departure from the past two years. Following the lows in 2020, decreases in U.S. refinery capacity and recovering petroleum product demand supported stronger U.S. refinery margins. This trend was particularly true on the West Coast, where several refineries closed or converted operations to renewable diesel in response to its increasing use in the region.

    Refinery margins have fallen in part because of relatively weak demand for petroleum products, particularly distillate fuel oil. In 2024, U.S. product supplied of distillate fuel oil (the proxy we use for consumption) averaged 6% less than in 2023 and 8% than in 2019 from June through September, mostly due to declining manufacturing activity and the increasing use of biofuels in place of conventional, petroleum-based diesel fuels on the West Coast. Gasoline and jet fuel consumption were slightly below 2023 levels for the same months, and they both remain 6% below 2019 levels.


    Outside of the United States, petroleum product demand has been weak due to slowing economic activity in China and Europe. In addition, increasing adoption of electric vehicles, biofuels, and liquefied natural gas use in trucking is steadily reducing petroleum fuel consumption across much of Asia and Europe. Refinery margins have also been under pressure due to new refining capacity abroad. Kuwait’s 615,000-barrel-per-day (b/d) Al-Zour refinery reached full refining capacity early in 2024, Oman’s 230,000-b/d Duqm refinery has begun operations, and Nigeria’s 650,000-b/d Dangote refinery has been ramping up refining activity. In response to low refinery margins, some global refiners have reduced refinery runs, and some in Europe have announced plans to close or reduce capacity. Although planned before the recent decline in refinery margins, LyondellBasell plans to close its 264,000-b/d refinery in Houston, Texas, by the first quarter of 2025.

    Principal contributor: Jimmy Troderman

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI United Kingdom: Attorney General’s 2024 Bingham Lecture on the rule of law

    Source: United Kingdom – Executive Government & Departments

    On 14 October 2024, the Attorney General Lord Hermer KC delivered the 2024 Bingham Lecture titled ‘The Rule of Law in an Age of Populism’.

    Location:
    The Honourable Society of Gray’s Inn
    Delivered on:
    14 October 2024 (Original script, may differ from delivered version)

    Opening remarks

    Thank you Helena for that introduction.  It is a particular privilege to be introduced by a friend who I admire and respect so much and by someone who has spent a lifetime promoting the rule of law and protecting human rights.      

    Thank you also to the Bingham Centre for inviting me to speak to you this evening.

    For nearly fifteen years, the Bingham Centre has been an essential voice for the advancement of rule of law values at home and abroad. Its work to promote a better understanding of the rule of law and to help build the capacity to give it practical effect, has never been more vital than it is today.

    It is a record of which Tom Bingham, in whose name I am honoured to give this lecture, would surely have been proud. It is wonderful to see so many of his family here tonight, Lady Bingham, Dame Kate, Kit and Mary.

    Lord Bingham’s judicial and non-judicial writing, his stature as one of the great postwar judges, has been an inspiration for generations of lawyers, myself very much included.  I had the privilege of appearing in front of Lord Bingham as a junior in a series of interesting cases before the House of Lords in which I was led by a promising young silk called Keir Starmer. 

    But like many in this audience I also felt a personal tie to Tom Bingham.  I applied for silk in 2009 and Lord Bingham was one of my referees but sadly my father, who was a lawyer, died shortly before my appointment.  My sense of loss at not being able to share the news with my dad was softened by the fact that before he died I was able to show him a letter that Lord Bingham had written to me.  The letter was filled with the warmth and support that many who knew Tom Bingham will recognise. Thus I will always feel a very personal debt of gratitude to him for the joy and pride that his letter gave to my dad.   

    It was in his cogent and elegant account of the rule of law that Tom Bingham encapsulated in his eight principles.  Such was the authority and clarity of his analysis that the principles are now a necessary reference point for any discussion (or indeed speech) on the subject.

    As Sir Jeffrey Jowell put it when he spoke at the launch of this Centre back in December 2010:

    Tear open the Bingham package of requirements for the rule of law and, as each of his ingredients falls away, we progressively observe the stark outlines of tyranny- at worst; or authoritarianism – at best.

    That remark has a particular resonance today. And what better illustration of the enduring contribution of that book could there be than the sight, earlier this year, of its Ukrainian translation being launched in Kyiv, on the frontline of the ongoing struggle for democratic, rules-based values.

    Introduction: setting the scene, and the challenge

    As that scene attests, we are living through uncertain and challenging times, with threats to the rule of law on a number of fronts.

    This evening, I would like to talk about the necessary response to these challenges, through restoration of our reputation as a country that upholds the rule of law at every turn and by embedding resilience to rebuff the populist challenge. 

    Restoration and resilience.  I’m going to begin by setting out the nature of the challenge as well as proffering some thoughts on the relationship between the rule of law, democracy and human rights.  I will then turn to three themes that I consider lie at the heart of the restoration and resilience project firstly, the rebuilding our reputation as a leader in the field of international law and the international rules based order; secondly, the strengthening of Parliament’s role in upholding the rule of law and thirdly the promotion of a rule of law culture.

    Our starting point is not a happy one.  Conflict currently affects more countries than at any time since the Second World War. As too many people around the world are driven from their homes by wars and instability, there is a sense of an international system that is unable to act. That is unable to prevent wars of aggression and to address desperate humanitarian need.

    As the Prime Minister said at the General Assembly in New York, those “institutions of peace” that the UK and others worked so hard to establish after the horrors of the Second World War are struggling. Those rules that we have all worked so hard to maintain are being undermined. And faith in international law, and the international rule of law, is being chiselled away in communities who are told, time and again, that the system is failing to deliver for them.

    The challenges we face are increasingly global – whether the development of AI, the threat of climate change, growing inequality, or increased migration – and we need a functioning global order, underpinned by a strong commitment to the rule of law, to even begin to tackle them.

    At home, too, we cannot afford to be complacent about the extent to which values that once were taken for granted have been undermined. A near decade of crisis and political instability has, at times, stretched the fabric of our constitution to its limit.  I don’t wish to make a party political speech, indeed I am determined to make the promotion of the rule of law a project we can all sign up to irrespective of our political allegiance. 

    At a time when there is a desperate need for cooperation and solutions, we are increasingly confronted by the divisive and disruptive force of populism. This is not a new phenomenon. But in recent years we have grown accustomed to diagnosing its symptoms, on both right and left.

    We face leaders who see politics as an exercise in division; who appeal to the ‘will of the people’ (as exclusively interpreted by them) as the only truly legitimate source of constitutional authority.

    Their rhetoric conjures images of a conspiracy of ‘elites’; an enemy that is hard to define, but invariably including the people and independent institutions who exercise the kind of checks and balances on executive power that are the essence of liberal democracy and the rule of law. Judges. Lawyers. A free press. NGOs. Parliament. The academy. An impartial and objective civil service.  Populists work to diminish their legitimacy or, at worst, actively remove them from the scene altogether.

    Allied to this, we have also seen how populism, in its most pernicious forms, works to demonise other groups, usually minorities – to discredit the legal frameworks and institutions that guarantee their rights, and dismantle, often through calculated misinformation, the political consensus that underpins them.

    The argument

    Times of crisis and challenge are fertile ground for this kind of politics. And they can create a receptive audience for the populists’ argument that the rule of law is somehow in tension with democratic values.

    It is this dynamic that I want to address in tonight’s speech – I want to argue that this is precisely the time for us to reaffirm that the rule of law – both domestically and internationally – is the necessary precursor to those democratic values, providing the foundations for political and economic flourishing.

    And I want to be clear that by the rule of law, I do not just mean rule by law; a purely procedural and formal conception that populists and authoritarians can themselves so often use as a cloak of legitimacy.

    One of Lord Bingham’s great contributions was to promote a more substantive conception of the rule of law, including the idea that the law must afford adequate protection of fundamental human rights. I too believe that human rights – both at the level of principle, and in practice through how they are enforced – are an essential element of the rule of law and a stable democratic culture. As well as recognising and protecting the dignity of all, they guarantee the essential rights and freedoms which underpin our system.

    Far from being at odds with democracy, as some populists would have us believe, the rule of law is the bedrock on which it rests. What good is democracy – indeed, can democracy exist – without the right to free and fair elections or freedom of speech, guaranteed by the right of access to the courts and an independent judiciary? And I would go further. Democracy, in my view, is inextricably related to the rule of law, properly understood. For what good is the rule of law without democracy, which confers essential legitimacy on the rules that govern the relationship between citizen and state?

    Lord Bingham’s conception of the rule of law also recognises that international law is the ‘Rule of Law’ writ large, and that States must comply with their international obligations, just as they must comply with domestic law. This, too, is crucial. International law is not simply some kind of optional add-on, with which States can pick or choose whether to comply. It is central to ensuring our prosperity and security, and that of all global citizens.  As will develop later, our reputation as a country that can trusted to comply with its international law obligations, and has a robust adherence to the rule of law, is essential to our ability to grow the economy, as grow it we shall.

    And maintaining our international reputation also enhances our ability to work with our partners to get things done in this time of global challenge. Rather than isolating ourselves from our closest allies, it means we can strengthen cooperation on issues like migration; whether that’s the Anti-Smuggling Action Plan, which the Home Secretary secured with G7 partners in Italy earlier this month; or closer working with international law enforcement partners to target smuggling gangs.

    To shore up the rule of law against the forces of populism, we must also emphasise its importance as an idea that unites, rather than divides us. The work to rebuild a political consensus around these values will not be easy. It must be proactive, cross-party and internationalist. It must be sensitive to any legitimate reasons why people have lost faith in the rule of law and its institutions. It will require patient, long-term thinking, hard work and consistent commitment to build the necessary coalitions, and to produce and implement detailed policy proposals.

    So, to meet these challenges it is my view that we need to take immediate steps to restore the UK’s reputation as a rule of law leader whilst at the same time also seek to build and secure the rule of law’s long term resilience in the face of threats known and unknown, domestic and international.

    Restoration and resilience.  Restoration and resilience.  In this speech, I want to talk about three themes that will guide this Government in this project.  As I outlined earlier, my first theme, is rebuilding the UK’s international rule of law leadership before turning next to the role of Parliament and then finally embedding a rule of law culture.

    Theme 1: rebuilding the UK’s international rule of law leadership

    The UK’s international rule of law leadership.

    Historically, the UK has been a leader in developing and promoting international law and the institutions on which its effectiveness depends. British lawyers and politicians have been at the forefront of drafting and negotiating the most important treaties that underpin our international legal system and building the institutional machinery that breathes life into those paper agreements.

    The UK will again demonstrate that leadership – so essential in today’s highly-connected, but highly fragmented, world – and sadly so absent in recent years.

    That starts by clearly, and without question, honouring our obligations under international law.

    Since taking office, this Government has already taken steps to uphold those obligations and demonstrate our deep commitment to international law. We have reached agreement with Mauritius to settle the historic sovereignty claims over BIOT/Chagos Archipelago in a manner that successfully marries our international law obligations with vital national security requirements; we have applied our IHL obligations by compliance with our arms licensing criteria – applying law not politics; we have made plain our commitment to our cornerstone international institutions not least the ICJ and ICC.

    And we will continue to abide by and unequivocally support the European Convention on Human Rights, including by complying with requests from the Court for interim measures. Walking, or threatening to walk away, would be a total abdication of our international law responsibilities and send out precisely the wrong message at a time when the rule of law is under threat in so many places.

    But we will go further than simply meeting our obligations under the Convention specifically and international law generally – that we will do so should go without saying. My point is that the UK will once again be a champion for international courts and institutions, taking positive steps to promote their importance and to rebuild the respect for them that the populists have sought to destroy.  As the Prime Minister has said, having discovered the Convention in a law library in Leeds some 40 years ago, the rights it sets out speak about the dignity of every human being, and are a source of inspiration from which we can all draw strength and value.

    After the First World War, the UK championed the establishment of a Permanent Court of International Justice. British Judges sitting in that Court and many subsequent international courts and tribunals have delivered judgments that have brought clarity to all areas of international law.

    I am therefore delighted that the UK National Group has announced its intention to nominate Professor Dapo Akande – who will be well known to many in this room – as the UK’s candidate for election to the International Court of Justice in 2026. I cannot think of a better representative for the UK’s expertise in international law and I am delighted to personally endorse Dapo’s campaign.

    And it is through international courts that we hope to finally see justice for Ukraine. I have dedicated my professional life to fighting for justice and accountability, and nowhere was the need for that more apparent than in my recent visit to Ukraine. I was profoundly struck by the stories I heard at Bucha’s cathedral and in Irpin.

    Despite the unimaginable suffering that the people of Ukraine have endured, they remain clear-eyed about the importance of the international rule of law and accountability. I – and the whole Government – remain steadfast in our support for Ukraine, on the battlefield and in the courtroom. This includes support for work towards establishing a Special Tribunal on the Crime of Aggression against Ukraine.

    But these systems, and the promise offered by international law, only work when we work in partnership with our friends and partners around the world.

    In many parts of the world, especially in the Global South, the international rules-based order and human rights are often seen as imperialist constructs, selectively invoked by western governments when it suits their interests. It is incumbent upon us to first, listen, to those who feel unheard. And secondly, to demonstrate – not just with warm words, but with concrete actions – that international law can deliver real benefits to all. And those actions must be consistent, we must show that we will hold ourselves to the highest standards.

    We will advocate for reform of the Security Council, to ensure that those with seats at the top table truly represent the global community. That means permanent representation from Africa, from Brazil, India, Japan and Germany.  And our approach to international development will show that we have learnt the lessons of history that, to be sustainable, the rule of law cannot be imposed on developing countries by former colonial rulers, but must be grown organically from within by working closely with local communities and institutions.

    And we will be unwavering in our commitment to tackling climate change, where we know that many of the worst effects are felt by those who have made the smallest contributions to this existential threat.

    Theme 2: defending and strengthening Parliament’s role in upholding the rule of law.

    My second theme is closer to home. A crucial part of restoring the rule of law, and building resilience in the face of future threats, involves thinking about the respective roles of our own institutions in upholding these fundamental values.

    This must start by recognising that upholding the rule of law cannot just be left to the courts. All branches of our constitution must see the rule of law, in its fullest sense, as a guiding force for their own actions.

    Speaking as a relatively new member of two of these branches, I hope my colleagues in this room will not mind if I offer some initial reflections on the role of Parliament in this regard; both in terms of its own functions, and the Government’s relationship to it.

    Parliamentary sovereignty is one of the fundamental features of our constitution and the ultimate legal authority of Parliament to make or unmake any law is crystal clear.  However, viewing the rule of law through this distorting lens of ultimate decision-making authority alone risks mistaking it for a purely formal, and thin, conception of ‘rule by law’. 

    As lawyers know, Parliament’s authority in our constitution is legal authority, an authority that requires that Parliament maintains in its legislation the ideals of the rule of law, of government under law, one of the contributions to the modern world of which we in the UK are justly proud.  And as I (following Lord Bingham) have explained, those ideals are much thicker and more substantive that the thin gruel of a formal conception of ‘rule by law’.

    We have seen in recent years where that disregard for our constitutional rule of law heritage can lead.  It is crucial that all institutional actors understand their role in a government under law. When Government invites Parliament to breach international law, or oust the jurisdiction of the courts, it not only undermines the rule of law, but also the mutual respect that historically has been one of the great strengths of our constitution.  It risks pitting one institution against another in ways that damage our reputation both inside and outside our borders as a law-abiding nation. 

    We must also work to counter the false choice, offered by some, between parliamentary democracy and fundamental rights. For almost a quarter of a century, the Human Rights Act has shown how it is possible, with imagination, to provide a legal framework for the protection of fundamental rights which can co-exist with parliamentary sovereignty. Indeed, the Act specifically preserves Parliament’s ultimate decision-making authority through its regime of non-binding Declarations of Incompatibility, defences, and section 19(1)(b) statements.

    And the enforcement of the Act otherwise by the courts, far from being at odds with democracy, is its vindication. Because it was our democratically elected Parliament that legislated for the Human Rights Act, and provided the mechanisms by which individual rights should be given meaningful effect in domestic law. It is testament to the framers of the Act that no Parliament elected since 1998 has chosen to fundamentally alter that position.

    It is also right to reflect on how Parliament can itself actively protect and enhance rule of law values. It does this through its scrutiny of legislation, most notably through the expertise of my colleagues in both Houses, but also through its Select Committee system. And it is incumbent on any government to ensure that those Committees are able to do their jobs effectively. I welcome the contribution that committees such as the Lords Constitution Committee, the Delegated Powers Committee and the Joint Committee on Human Rights make to the debate on human rights and the rule of law, and I look forward to working constructively with them in this Parliament.

    But there are aspects of Government’s relationship with Parliament that require more careful examination. Most pressingly, there is in my view a real need to consider the balance between primary and secondary legislation, which in recent years has weighed too heavily in favour of delegated powers.

    The twin challenges of Brexit and the Covid pandemic had the effect of concentrating immense power in the hands of the executive, through the conferral and exercise of broad delegated powers, including so-called Henry VIII powers. Some of this can be explained by the exceptional character, and unique demands, of both events. However, it would be a mistake to view this as an aberration. As the Delegated Powers and Regulatory Reform Committee have noted, Brexit and Covid did not mark the beginning of the shift in the balance between Parliament and the executive, so much as an acceleration and intensification of an existing trend.

    As technical as these issues may sound, they raise real questions about how we are governed. I said earlier that I see democracy as inextricably related to the rule of law. In our system of Parliamentary democracy, consent to be governed is expressed through the delegation, every four or five years, of powers by the governed to Parliament. It is the importance of this model of consent that explains in very large measure why I have been so concerned, on entering Government, to improve the standards we adhere to when we make policy and law – and specifically to ensure that the processes we adopt support the rule of law.

    Secondary legislation has an indispensable role to play in a modern, regulated society. There is no suggestion that the Government should not take or exercise delegated powers. However, excessive reliance on delegated powers, Henry VIII clauses, or skeleton legislation, upsets the proper balance between Parliament and the executive. This not only strikes at the rule of law values I have already outlined, but also at the cardinal principles of accessibility and legal certainty.

    In my view, the new Government offers an opportunity for a reset in the way that Government thinks about these issues. This means, in particular, a much sharper focus on whether taking delegated powers is justified in a given case, and more careful consideration of appropriate safeguards.

    Theme 3: promoting a rule of law culture, which builds public trust in the law and its institutions

    Finally, in my third theme I want to talk about culture and how we promote a rule of law culture which builds public trust in the law and its institutions – a vital task if the rule of law is to be made resilient enough to withstand the threats I have described in this age of populism.

    We begin this task from a difficult place. Too often, the starting point for debate is that law is part of the problem. At best, an abstraction that is disconnected from the realities of people’s lives. At worst, it can be held up by populists as a force that is somehow illegitimate. All of us who care about this subject – and particularly those of us in Government – need to work hard to counter these attitudes, and to foster a better understanding of the rightful place of law in a liberal democratic society.

    For Government, this means leading by example.  I hope you take some comfort in the fact that the importance of the rule of law and the constitutional balance is embedded in my DNA and that of a Prime Minister who not only rose to the top ranks of the Bar but served his country as DPP.  Vitally, it is also a principle deeply cherished and jealously protected by the Lord Chancellor who has overarching constitutional authority as the guardian of the rule of law not least to protect the independence of the judiciary.  Anyone who knows the Lord Chancellor and her determination to champion the rule of law will know that there will be no repeat of failures to defend attacks on the judiciary under her watch.   

    Of course, we will be judged by what we do, not what we may have done in the past let alone what we say now – and we will demonstrate our commitment to the rule of law in real and practical ways.  By way of example only, in the coming weeks I will issue an amended guidance for assessing legal risk across government that will seek to raise the standards for calibrating legality that the thousands of brilliant lawyers working in every part of government activity apply to deliver for the people of this country – I want them to feel empowered to give their full and frank advice to me and others in government and to stand up for the rule of law.

    But the challenge to rebuild a broad consensus around rule of law values, cannot be left merely to politicians.  It is a project that can only succeed if it is taken up by all of us, politicians, judges, lawyers, civil society, citizens. 

    We need to recognise that the populists have stolen a march – it is nearly always easier to deride and denigrate than it is to promote complex but vital principles.  We cannot stand by idly as rule of law principles and the human rights idea are undermined, sometimes without challenge, on television screens, the pages of newspapers and most effectively and invidiously of all, on social media.

    The challenge is to get out and explain the importance of the principles that we hold so dear – we have a fantastic story to tell and tell it we must. 

    We need to explain that the rule of law is not the preserve of arid constitutional theory.  We need to explain how it provides the stable and predictable environment in which people can plan their lives, do business and get ahead; in which businesses can invest, the economy can grow; people can resolve disputes fairly and peacefully, and express and enjoy their basic rights and freedoms. We must illustrate how systems that do not hold to these values can be arbitrary and capricious. And backsliding from Rule of Law values, once it begins, can take an unpredictable course.

    The story that we must tell is how the rule of law matters for growth, jobs and people’s livelihoods – how it impacts upon the pound in their pocket and on the type of future their children deserve to enjoy. Governments that undermine, or take a ‘pick and mix’ approach to these values, disincentivise investment. Today, we have hosted the Investment Summit with a clear message that Britain is open for business. Britain has many commercial advantages, but one of our greatest is the trust that businesses can have in our courts, and the confidence they can have in a stable and transparent business environment, underpinned by a strong rule of law.

    Education has a crucial role to play. We must take these messages to our schools and wider communities. I commend the work of civil society groups and charities such as Young Citizens and the Citizenship Foundation, and the Bingham Centre itself, who work with schools to promote a better understanding of the law and its importance in society. I believe it is right to think about whether even more can be done to strengthen the role of citizenship education as a means of promoting a better understanding of our constitution and, particularly, the importance of the rule of law.

    But we must also talk about these issues in a way that resonates with the public and in language that everyone understands. Because most people would instinctively recognise rule of law principles as values that are part of the very fabric of our society. Fair play. Justice. Rules that apply equally to all; not one rule for them, and another for the rest of us. And where disputes do arise – whether with a business, an employer, or a neighbour – an independent courts system which provides the means for their just resolution.

    And in the public realm, law is the great leveller that holds the powerful to account, and ensures that individual rights are respected. Those rights – human rights – are our rights, and belong to us all.  

    So it is we must proudly own the story of the European Convention on Human Rights, not least because in so doing we expose the wanton superficiality of many of its critics. We must explain how the values of the Convention are not foreign to us. They are universal. Closely connected rights are found deeply embedded in the heart of our own legal tradition. Echoes of habeas corpus, Magna Carta, and the Bill of Rights, can all be located in Articles 5 and 6 ECHR.  This country banned torture long before our continental cousins, never mind the promulgation of Article 3.  It is no coincidence that it was British lawyers, most notably the Conservative David Maxwell Fyfe, who helped to frame the European Convention after the Second World War, drawing of course inspiration from the Universal Declaration of Human Rights but also centuries of our own legal values.  It is simply legally fatuous and historically ignorant of armchair critics of the Convention to declare that its supporters somehow seek to undermine our traditions or should be dismissed as naive snowflakes. 

    To the contrary, the Convention was drafted by men and women who had witnessed the very worst that humans can do to each other, their views were forged not in a Tufton Street seminar but in the trenches and the battle grounds, in the prisoner of war camps and the historic prosecutions of the Nazi war criminals at Nuremberg.  The drafting and adoption took place not in a time of overindulgence but when societies were rebuilding from rubble and indeed this country was still under rationing.  They were hard-nosed men and women from a generation who had seen conflict and vowed ‘never again’.    The structures they helped to create, the values that underpin them, have served us well as a bulwark against totalitarianism, and a foundation for European peace. And they remain the best hope of protecting us from the threats we face today.

    For too long, populists have been able to frame the debate on human rights too narrowly, by reference to issues which, important as they are, can often feel disconnected from the everyday. We have to work to change this, not only by busting myths, but by showing how human rights positively touch so many aspects of wider society. The right to be treated equally. The right to express ourselves. The freedom to live in the way we choose, without undue interference from the state. These are the values we cherish and have chosen, collectively, to protect.

    So too must we work to combat disinformation and misinformation about law and lawyers. The disgraceful scenes of violent disorder over the summer, including threats against immigration law firms and advice centres, showed only too vividly that what is said online can have dangerous consequences in the real world.

    But the response to the riots also showed something more hopeful. People took to the streets not only to clean up and repair the damage, but to stand together against the forces of reaction and division. It is that spirit of decency and fairness that we must harness in our cause.   

    When I went to Liverpool I visited the library that had been burnt down in the riots and met a group of children who had been cowering under beds and in cupboards as the mobs went by at night but who the next morning got up and came to volunteer to rebuild.  I talked with them about the books that we were donating to the library (including Helena’s latest) which all concern how law and justice work for everyone – and we discussed the meaning and significance of the inscription that my office had placed inside each cover, taking the words of Dr Martin Luther King – that although the arc of humanity is long, it bends towards justice.

    Conclusion

    Restoration and resilience. These are the watchwords that will guide our defence of the rule of law in the face of populism. It is by renewing our commitment to rule of law values, as a Government and as a nation, at home and abroad, and patiently rebuilding the political consensus underpinning that commitment, that we will ensure that the rule of law is safe for future generations; so we may continue to work together towards achieving the Bingham Centre’s vision of ‘a world in which every society is governed by the Rule of Law in the interests of good government, peace at home and in the world at large’.

    Updates to this page

    Published 15 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI: Franklin Electric Schedules Its Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Oct. 15, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) will release its third quarter 2024 earnings at 8:00 am ET on Tuesday, October 29, 2024. A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen-only mode by going to:

    https://edge.media-server.com/mmc/p/cp5pmtx9

    For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

    https://register.vevent.com/register/BIa5e3e952cc2d47c28144fef8683c97e0

    All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

    A replay of the conference call will be available from Tuesday, October 29, 2024, through 9:00 am ET on Tuesday, November 5, 2024, by visiting the listen-only webcast link above.

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    CONTACT: Jeff Taylor
    Franklin Electric Co., Inc.
    260.824.2900

    The MIL Network –

    January 23, 2025
  • MIL-OSI: Nametag Unveils Deepfake Defense™ to Combat AI-Powered Impersonation Threats, Expands Integration Partnership with Okta

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Oct. 15, 2024 (GLOBE NEWSWIRE) — More than 50% of executives expect deepfake attacks to increase over the next 12 months, but only 7% report using new technologies to detect deepfakes*. Meanwhile, researchers are repeatedly demonstrating how AI-generated ID documents, selfie photos, and videos can successfully fool antiquated Know Your Customer (KYC) verification checks. To address this gaping security hole, Nametag Inc., the leading provider of integrated identity verification and account protection solutions, today announced Deepfake Defense™ at Okta’s annual Identity Conference, Oktane. This next-generation identity verification (IDV) engine is an industry-first, finally addressing the escalating global threats posed by modern AI-powered impersonation.

    “Nametag’s Deepfake Defense engine is the first scalable solution for remote identity verification that’s capable of blocking the AI deepfake attacks plaguing enterprises,” said Bruce Schneier, internationally renowned security technologist and cryptography expert. “This will make it much harder for bad actors to profit from deepfakes.”

    Deepfake Defense for Okta

    As a longtime working partner of Okta, Nametag also officially announced its membership in the Okta Elevate Partner Program. Nametag and Okta’s combined solution, powered by Deepfake Defense, helps enterprises protect their entire Okta user account lifecycle via self-service and agent assisted workflows, delivering on the two companies’ shared vision of deploying deepfake-protected identity security across every workforce and customer account.

    “We’re thrilled to join Okta in creating the future of identity security. Our membership in the Okta Elevate partner program highlights our advanced identity verification technology and commitment to protecting workforce and customer identities,” said Leonard Navarro, VP Business Development at Nametag. “This partnership strengthens the Okta identity security ecosystem and gives our joint customers even easier access to proven tools and ready-to-use solutions for robust identity assurance.”

    Introducing Nametag Deepfake Defense: A New Standard for Identity Verification

    Nametag Deepfake Defense connects the company’s proprietary technologies and patented innovations together into a unified IDV engine that unlocks greater outcomes across fraud prevention and user experience. Deepfake Defense blocks emerging, AI-powered impersonation threats while verifying legitimate users quickly and more securely. It’s the first and only IDV engine that:

    • Prevents injection attacks via Cryptographic Attestation™ which ensures data integrity using hardware-backed keystore assurance and secure enclave technology from Apple and Google.
    • Detects digital manipulation and forgery with Adaptive Document Verification™, preventing the use of even the most sophisticated digitally-altered or counterfeit identity documents.
    • Confirms human likeness, liveness, and presence using Spatial Selfie™ technology to map a person’s 3-dimensional selfie to their 2-dimensional ID photo with biometrics and sensor data.

    IDV with Deepfake Defense takes just a few seconds using a photo ID and a smartphone. It’s available today through Nametag’s solutions for self-service account recovery and helpdesk verification.

    “Make no mistake: we’re facing a global deepfake pandemic that’s spreading ransomware and disinformation. Identity fraud runs rampant and enterprises are defenseless against AI-powered fraudsters. That’s why we’re introducing Deepfake Defense, the only identity verification engine that prevents, not just detects, the use of deepfakes,” said Aaron Painter, CEO of Nametag. “As part of our partnership with Okta, we chose to launch Deepfake Defense for Okta customers here at Oktane 2024. Today, this new technology is generally available and easily accessible to all organizations interested in protecting their users from the growing threat of deepfakes.”

    For more information and a demo of Nametag and Okta’s combined solution, visit getnametag.com.

    About Nametag
    Nametag provides integrated identity verification and account protection solutions that prevent modern impersonation threats and streamline user experiences. Powered by Deepfake Defense™, Nametag detects and blocks sophisticated attacks which bypass other, outdated approaches to user verification, delivering the highest possible level of identity assurance. Nametag’s out-of-the-box solutions help enterprises secure their entire user account lifecycle, from onboarding through recovery, while ensuring compliance with the latest privacy standards. Security-conscious enterprises trust Nametag to protect their businesses and reduce IT and support costs. For more information, visit getnametag.com.

    *Deloitte. (May 2024). Generative AI and the fight for trust.

    Nametag Media Contact:
    Jennifer Schenberg
    PenVine for Nametag
    917-445-4454
    jennifer@penvine.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6853673-cdd8-4c5f-ba2f-f1972d5c694a

    The MIL Network –

    January 23, 2025
  • MIL-OSI USA: UConn Deepening Ties to Capital City With ‘UConn IN Hartford’ Initiative

    Source: US State of Connecticut

    Say the words, “UConn Hartford,” and what comes to mind? The stately former Hartford Times building that has served as the flagship university’s downtown campus since its much-hailed renovation and opening in 2017?

    While the main campus is the principal nexus of UConn’s presence in Connecticut’s capital city, it’s but one of a growing number of locations, programs, and initiatives underway that deepen the University’s ties with Hartford.

    In fact, UConn’s presence in Hartford continues to grow, including plans to offer 200 beds of student housing in the bustling downtown Pratt Street district, the recent opening of a nearby research center, the growth of local internships and a planned co-op program, and other initiatives.

    UConn is working with local and state leaders, the city and regional business community, alumni, and others on the “UConn IN Hartford” initiative, which seeks to provide students a community-centered experience in the capital city while they pursue their academics at UConn.

    Gov. Ned Lamont hears about UConn’s future in Hartford (Ashley Stimpson/UConn Foundation)

    Scores of those supporters gathered recently to learn more about the university’s plans and to tour 64 Pratt St., which will be transformed from its former use as a law office into apartment-style units for about 200 UConn Hartford students.

    Lexington Partners will work with Shelbourne Properties and LAZ Investments to jointly develop the apartments, and UConn will lease the space and run it as student housing starting in fall 2026 with on-site resident advisers and a hall director.

    It’s part of a broader vision shared by UConn, state and local leaders, and others to position Hartford as a “college town,” in which students are a major part of Hartford’s culture, economy, and future.

    “These dorms will be a huge boost to our capital city, bringing 200 more UConn students downtown who will reflect the diversity and incredible strength of our state, and who are going to make a name for themselves and change the world in so many different ways,” Hartford Mayor Arunan Arulampalam said at the recent reception.

    Hartford’s diversity is evident at the UConn campus, where the majority of students are either the first generation in their family to attend college, are students of color, or both.

    About 86% received some form of financial aid last year, and about 58% received federal Pell Grants, which are awarded to the neediest students.

    In a 2023 survey, about 70% of UConn Hartford undergraduates said that they would be interested in student housing nearby, but since most said they lived with their parents, the rent would need to be affordable to make it a viable option.

    To expand access to the Pratt Street housing opportunity, the UConn Foundation has launched the new Hartford Residential Scholars Enhancement Fund, which will harness community contributions to provide stipends for qualifying students who want to live in the apartments, but couldn’t otherwise afford it.

    The housing option and the initiative to help qualifying students with the costs are closely aligned with goals in the UConn Strategic Plan, which prioritizes holistic student success, access, affordability, and the strength of UConn’s regional campuses as integral to their host communities.

    Hartford Mayor Arunan Arulampalam says UConn’s plans will be a major boost for the city (Ashley Stimpson/UConn Foundation)

    For UConn Hartford students, the student housing will provide the dual benefit of living in the vibrant downtown setting while having the kinds of supports and community-centered experiences that dorm life offers.

    “Our job as a public university is to create access and opportunities for our students to learn and grow, and in turn they give back to the communities they come from. Right here, UConn Hartford provides a beacon of hope, opportunity, and transformation for our students,” said Mark Overmyer-Velázquez, UConn Hartford’s campus dean and chief administrative officer.

    UConn Hartford is a federally designated Asian American and Native American Pacific Islander Serving Institution and, with about 20% of its population identifying as Hispanic, it is on the threshold of reaching Hispanic Serving Institution status as an emerging HSI. It also has a rich history of engagement with the city in service, academics, and research.

    UConn Hartford students can take classes in more than 36 academic departments and can pursue 10 undergraduate programs and advanced degrees fully in Hartford through the School of Business, Neag School of Education, School of Public Policy, and School of Social Work. They may also elect to transfer to Storrs with the credits they have earned.

    “They have the ability to do all of that at the scale of a small liberal arts college, with all of the rich benefits that UConn offers as a Research 1 university,” Overmyer-Velázquez said.

    UConn’s presence in Hartford also includes the School of Law in the West End; the main campus at 10 Prospect St. and the nearby School of Social Work at 38 Prospect St.; UConn Health’s Health Disparities Institute at 241 Main St.; and the Graduate Business Learning Center, Connecticut Center for Entrepreneurship & Innovation’s BUILD Hartford course, both at Constitution Plaza.

    The newest UConn presence in Hartford is a big one: The University recently opened its new Community Intersections & Innovation Space for research and academic uses at 229 Trumbull St, also known as Hartford 21 (H21), very close to the student housing location.

    UConn is leasing space in that office building to house lecture halls, academic centers, classrooms, and faculty offices, providing opportunities to partner on support for community engagement, and on research projects and research grants.

    UConn President Radenka Maric talks with stakeholders about UConn’s future in Hartford (Ashley Stimpson/UConn Foundation)

    UConn moved its campus from West Hartford to its current location in 2017, and has worked since then to position it as a centerpiece of a thriving capital city by bringing people downtown to learn, live, and support the regional economy.

    The University has also significantly bolstered the wrap-around student services available UConn Hartford and other regional campuses. They include increasing medical and mental health care, adding Husky Harvest food pantries, helping students establish and expand clubs, boosting on-site career services, and other academic and social programs to help build a sense of community and support student success.

    Connecticut State House of Representatives Speaker Matt Ritter, D-Hartford (’07 LAW), noted at the recent reception that after the pandemic, many companies vacated their city office spaces as more employees worked remotely. Student housing like UConn’s planned units are a critical evolution in the vitality of those communities, he said.

    “This is such a big deal because of what it’s going to lead to,” Ritter said. “This is going to be what UConn is about: UConn changes the lives of young people and communities that it impacts.”

    MIL OSI USA News –

    January 23, 2025
  • MIL-Evening Report: ‘Awful reality’: Albanese government injects $95 million to fight the latest deadly bird flu

    Source: The Conversation (Au and NZ) – By Michelle Wille, Senior research fellow, The University of Melbourne

    The Australian government has committed A$95 million to fight a virulent strain of bird flu wreaking havoc globally.

    With the arrival of millions of migratory birds this spring, there is an increased risk of a deadly strain arriving in Australia, known as highly pathogenic avian influenza (HPAI) H5N1.

    Australia is the only continent free of this rapidly spreading strain. Overseas, HPAI H5N1 has been detected in poultry, wild birds and a wide range of mammals, including humans. But our reprieve will likely not last forever.

    As Environment Minister Tanya Plibersek warned on Monday, “the awful reality of this disease is that – like the rest of the world – we will not be able to prevent its arrival”. HPAI H5N1 is like nothing we’ve seen in Australia. The extra funding, which is in addition to Australia’s current biosecurity budget, will help us prepare and respond.

    A trail of destruction

    Avian influenza is a virus that infects birds, but can infect other animals.

    In Australia we have various strains of avian influenza that don’t cause disease, referred to as low pathogenic avian influenza. While these viruses occur naturally Australian wild birds, it is the disease-causing strains, such as HPAI H5N1 and HPAI H7 we are worried about. These HPAI strains have enormous consequences for wild birds, domestic animals, and animal producers and workers.

    HPAI H5N1 first emerged in Asia in 1996, and has been circulating in Asian poultry for decades. Following genetic changes in the virus, it repeatedly jumped into wild birds in 2014, 2016 and again in 2020, after which it caused an animal pandemic, or panzootic.

    Starting in 2021, the virus rapidly spread. First, from Europe to North America in 2021. Then into South America in 2022. There, in South America, the virus caused the death of more than 500,000 wild birds and 30,000 marine mammals.

    While we had seen large outbreaks in wild birds globally, the huge outbreaks in seals and sea lions in South America was unprecedented. With this came substantial concern that the virus was spreading from mammal to mammal, rather than just bird to bird or bird to mammal, as was happening elsewhere.

    About a year after arriving in South America, the virus was detected in the sub-Antarctic, and a few months later, on the Antarctic Peninsula.

    Australia and New Zealand are still free of the virus, for now.

    The rising death toll

    Beyond wildlife, HPAI H5N1 is having a huge impact on poultry.

    In 2022 alone, it caused 130 million poultry across 67 countries to die of the illness or be euthanased because they were infected.

    In contrast, earlier this year Australia’s biggest avian influenza outbreak to date – caused by a different strain, HPAI H7 – caused the death or destruction of 1.5 million chickens. That’s a drop in the bucket compared to what is occurring globally.

    Concerningly, in the United States, the virus has jumped into dairy cattle and so far has affected more than 200 dairy herds in 14 states. It has also jumping into humans: in the past ten days alone, six human cases have occurred – all in dairy workers in California.

    Given HPAI H5N1 has spread around the globe, the risk of the virus entering Australia has increased.

    In a recent risk assessment, my colleague and I identified two main pathways for H5N1 into Australia.

    The most likely route is that H5N1 is brought in from Asia by long-distance migratory birds. Birds such as shorebirds and seabirds arrive in the millions each spring from Asia (and in some cases as far away as Alaska).

    A second route is with ducks. If the virus spreads across the Wallace Line (a biogeographical boundary that runs through Indonesia), it will come into contact with endemic Australian duck species.

    Unlike shorebirds and seabirds, ducks are not long-distance migrants, and don’t migrate between Asia and Australia. That endemic Australian ducks are not exposed to this virus because they don’t migrate to Asia may be one of the reasons why H5N1 has not yet arrived in Australia.

    So, what’s the plan?

    The Australian government’s new $95 million funding commitment is a crucial response to the heightened level of risk, and the dire consequences if H5N1 entered the country.

    The funding is divided between environment, agriculture and human health – the three pillars of the “One Health” approach.

    Broadly, the money will be spent on:

    • enhancing surveillance to ensure timely detection and response if the disease enters and spreads in animals within Australia

    • strengthening preparedness and response capability to reduce harm to the production sector and native wildlife

    • supporting a nationally coordinated approach to response and communications

    • taking proactive measures to protect threatened iconic species from extinction

    • investing in more pre-pandemic vaccines to protect human health.

    Importantly, the funding covers preparedness, surveillance and response.

    Preparedness includes proactive measures to protect threatened birds – for example, vaccination or reducing other threats to these species) and improving biosecurity.

    Surveillance is essential to catch the virus as soon as it arrives and track its spread. Australia already has a wild bird surveillance program which, among other things, investigates sick and dead wildlife as well as sampling “healthy” wild birds. The additional commitment will bolster these activities.

    Response will include things like better and faster tests. It will also include funding for practical on-ground actions to limit the spread and impacts of HPAI H5N1 for susceptible wildlife. This might include a vaccination program for vulnerable threatened species, as an example.

    Work has already begun

    This funding is a long-term investment, and mostly allocated to future activities. In the short term, my colleagues and I have already begun our spring surveillance program.

    We aim to test about 1,000 long-distance migratory birds arriving in Australia for avian influenza. Based on our risk assessments, we are focusing on long-distance migratory seabirds such as the short-tailed shearwater, and various shorebirds including red-necked stints, arriving from breeding areas in Siberia.

    This surveillance program is supported by, and contributes to, the national surveillance program managed by Wildlife Health Australia

    In addition to our active surveillance, we need your help! If you see sick or dead wild birds or marine mammals, call the Emergency Animal Disease Watch Hotline on 1800 675 888.

    In addition, the Wildlife Health Australia website offers current advice for:

    • people who encounter sick or dead wild birds

    • vets and other animal health professionals

    • bird banders, wildlife rangers and researchers

    • wildlife managers and wildlife care providers, who can access risk mitigation toolboxes.

    For more information, visit birdflu.gov.au or Wildlife Health Australia’s avian influenza page

    Michelle Wille receives funding from Department of Agriculture, Fisheries and Forestry and Wildlife Health Australia.

    – ref. ‘Awful reality’: Albanese government injects $95 million to fight the latest deadly bird flu – https://theconversation.com/awful-reality-albanese-government-injects-95-million-to-fight-the-latest-deadly-bird-flu-241243

    MIL OSI Analysis – EveningReport.nz –

    January 23, 2025
  • MIL-OSI: ASM informs the market about ASMPT announcement

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    October 14, 2024, 1:00 p.m. CET

    ASM international N.V. (Euronext Amsterdam: ASM) informs the market that ASMPT, in which ASM has a shareholding of approximately 25%, today announced that it received a non-binding approach in relation to a possible privatization of ASMPT. 

    ASM is a shareholder in ASMPT Ltd. (“ASMPT”), which today issued an announcement that its board has received a preliminary non-binding approach from an independent third party (the “Potential Offeror”) in relation to a possible privatization of ASMPT. ASMPT further mentioned in its announcement today that discussions are at an early stage and that it has not reached any agreement with the Possible Offeror for any offer, and that there is no certainty that the preliminary non-binding approach will lead to an offer being made in relation to its shares.

    About ASM International

    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at http://www.asm.com.

    Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Contact

    Investor and media relations

    Victor Bareño
    T: +31 88 100 8500
    E: investor.relations@asm.com

     

    Investor relations

    Valentina Fantigrossi
    T: +31 88 100 8502
    E: investor.relations@asm.com

    The MIL Network –

    January 23, 2025
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